Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH
01 Febrero 2022 - 9:50AM
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Ethereum price has rallied to $2,800, which is the next significant
important resistance level. Ethereum’s price has risen by 30
percent from hitting a low of $2,160 barely a week ago. Ethereum
Price Targets $3k In the last five days, ETH has closed in the
green, reaching the important resistance level of $2,805. (20-day
moving average line). Price is currently stabilizing slightly below
this critical level, in preparation for a new effort to break above
if the bullish sentiment persists. If successful, ETH would be well
on its way to reaching $3,000 in no time. On the other hand, the
$2,550 support level has held up well after yesterday’s retest
(confirmed as support). ETH/USD to retest $3k. Source: TradingView
Given that the indicators have turned bullish, ETH is
well-positioned to break through the important resistance level of
$2,800. ETH has a bullish bias at the moment. The critical
resistance levels of $2800 and $3,000 will define the price
movement for the rest of the week, so investors should keep an eye
on them. @Tradinghubb, a cryptocurrency trader, tweeted an ETH
chart, suggesting that another downward move is likely to complete
the correction. Source: Twitter Since the high in May 2021, the
trend appears to be in the form of an A-B-C corrective structure.
It has a perfect 1:1 ratio between waves A and C, which is usual in
such corrections. In addition, the entire movement has been
contained within an ascending parallel channel, implying that the
bottom has been reached. Buyers should, however, be patient until
the breakout is verified by a successful retest of the resistance
as support. Related article | TA: Ethereum Rallies 10%: Why More
Gains Seem Possible Wallets Holding Over 0.1 ETH Rise The number of
addresses on the Ethereum blockchain with a balance of more than
0.1 ETH just reached an all-time high, according to the Glassnode
analytics. This number has now risen to almost 6.823 million. ETH
addresses with 0.1+ coins balance. Source: Glassnode In the past
few years, the Ethereum network has grown at a breakneck pace. The
growth of decentralized finance segments was largely responsible
for this. Originally based on the Ethereum blockchain, DeFi and
non-fungible NFT coins. Ethereum’s mining hash rate recently
surpassed 1.1 PH/s, setting a new all-time high. This comes as the
network moves closer to adopting a proof-of-stake method. In the
last two years, though, it hasn’t all been good news for Ethereum.
For many users, gas fees have become a big issue because they
cannot afford to conduct transactions that would result in hundreds
of dollars in penalties. With the ETH 2.0 version, Ethereum is
transitioning to PoS, though developers are considering changing
the name. This is to avoid confusion among new users, with the
‘consensus layer’ being the replacement name under consideration.
It’s expected that with a new update underway, more users will hop
on the blockchain. Related article | TA: Ethereum Holds Strong At
$2.5K: Indicators Show Fresh Increase Featured image from Pixabay,
chart from TradingView.com and Glassnode
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