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1.8 mln Ethereum purchased – Can rising demand push ETH to $2.9K?
Ethereum’s (ETH) price has been in a downward spiral for the past month, but there may be a change on the horizon. According to recent data from IntoTheBlock, a staggering 1.8 million ETH have been moved into private wallets, marking a significant increase in demand for the cryptocurrency.
This massive outflow is typically accompanied by a rise in price, as investors view the current prices as a discount and make strategic purchases. The past has shown that such events often result in an upward trend, with ETH’s chart indicating that it may be on the path to reclaim its lost highs.
Korean traders have been instrumental in this buying activity, accounting for the majority of the purchases. This is evident from the Korean Premium Index, which has begun to rise, signaling more buying activity than selling. As a result, the Taker Buy/Sell Ratio has entered the buying zone for the first time since March 3, indicating that both spot and derivative traders are aligning their positions in favor of an upward trend.
ETH’s current position within a bullish pattern marked by descending trendlines and Fibonacci levels could be crucial in determining its future price action. The asset is currently trading near a support level at $1,988.30 and may be poised to break out from this area. If so, it could potentially push the price of ETH to $2,635 before encountering any significant resistance.
However, given the confluence of spot and derivative market activity, there is a possibility that ETH’s price could see an even more substantial rise, surpassing key liquidity clusters and reaching as high as $2,900. It may experience some temporary pullbacks at Fibonacci levels during this rally, but the overall trend suggests that the cryptocurrency is set to resume its bullish trajectory.
In conclusion, the surge in demand for ETH and the buying momentum observed could be a sign of things to come for the asset.
Source: https://ambcrypto.com/1-8-mln-ethereum-purchased-can-rising-demand-push-eth-to-2-9k/
