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Will Ethereum Price Hit ATH This Week? Key Levels to Watch
The price of Ethereum (ETH) has been making waves in the cryptocurrency market lately. With its impressive performance over the past two months, it’s natural for investors and analysts alike to wonder if ETH will hit its all-time high this week. In this article, we’ll dive into the key levels that need to be watched as the market continues to unfold.
First and foremost, it’s essential to acknowledge that Ethereum has reached a crucial resistance level above $3,953, which could either halt or confirm further bullish momentum. The altcoin’s impressive retest of its previous breakout from the multi-year falling logarithmic trend is a testament to its increasing popularity and demand.
However, with Bitcoin (BTC) price surging beyond $105k earlier today, it’s possible that Ethereum might consolidate in the near term to attract more buyers. This could potentially prolong the highly anticipated altseason, as large-cap altcoins often take time to gather liquidity amid slow cash rotation from BTC.
Ethereum Whale on the Move
A fascinating development is the significant rise of Ethereum whale addresses holding balances above 10k ETH. Data provided by Glassnode shows that this upward trend has been consistent over the past few weeks. This influx of large-scale investors could be a strong indicator of future price action, as it suggests institutional investors are taking notice.
Moreover, the decline in Ether supply on centralized exchanges is equally noteworthy. A staggering 95k ETH units were withdrawn from CEXes in the last seven days alone. This could be a clear sign that traders and institutions alike are seeking safer storage methods for their assets.
US spot Ether ETFs have also witnessed substantial net cash inflows of over $2 billion over the past three weeks. The performance of BlackRock’s ETHA is particularly striking, with a weekly inflow of approximately $854 million last week. This surge in institutional interest has undoubtedly boosted the prospects of an ATH hit for Ethereum.
What Next?
In light of these developments, it seems that the prospects for an Ethereum price ATH have significantly increased. From a technical standpoint, ETH’s price appears to be targeting $5,250 in the near term, coinciding with the daily Fibonacci extension. A conclusive parabolic rally will only be confirmed once the weekly Relative Strength Index (RSI) touches the ATH.
With these key levels in mind, it’s essential for traders and investors alike to remain vigilant and adapt their strategies accordingly. As we continue to navigate this rapidly evolving market landscape, one thing is certain – Ethereum’s price action will undoubtedly capture attention moving forward.
Source: coinpedia.org
