Ethereum Price likely To Hit $1500 In Next Week, But There’s a Catch
It appears like most of the cryptocurrencies have followed the footsteps of Bitcoin as the lead altcoin, Ethereum had seen a sharp downfall after the US CPI data was released. Ethereum had plunged towards $1,250 before bulls took the charges.
ETH had hit a low near $1,188 before seeing a price rise of nearly 5% surging above $1,250 resistance. At the moment, Ethereum is trading at $1,322 with a rise of 3.52% over the last 24hrs. Currently Ethereum’s immediate resistance lies at $1,335, then the major obstacle lies at $1,350.
However, if Ethereum fails to reclaim its price trade above $1,350, it might attract a fresh downward trend. The immediate support currently lies at $1,310 area and then $1,290.
On the other hand, while Ethereum figures out its further price move, there are a few interesting facts observed in the recent days.
Key Factors For Ethereum Price Action
There is a spike in ETH addresses that hold at least one ETH where the address rate has hit 1.59 million addresses.
#Ethereum $ETH Number of Addresses Holding 1+ Coins just reached an ATH of 1,590,198View metric: — glassnode alerts (@glassnodealerts) October 13, 2022
This is the proof that investors are opting to accumulate more and more Ethereum while the price trades at low levels. However, if the demand surpasses sell pressure, inflation will pop in.
Conversely, Glassnode also notes that the sending address has dropped at 12,157.589 which is the lowest level in the last three months.
#Ethereum $ETH Number of Sending Addresses (7d MA) just reached a 3-month low of 12,157.589Previous 3-month low of 12,210.286 was observed on 02 September 2022View metric: — glassnode alerts (@glassnodealerts) October 13, 2022
Also the firm claims that the crypto exchanges have observed an increased outflow by more than 24,000 ETH which is nearly $30 million.
The key level to watchout for market participants is the demand area as it is expected to overtake selling pressure and attract bull run. On the other hand, investors should also note Ethereum volume and if ETH fails to attract sufficient volume, there might be capitulation.Source