Ethereum

Ethereum Price Ready For 38% Breakout! When Can Traders Expect Massive ETH Price Explosion? 

Written by: Delma Wilson

Written by right arrow

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

  • author facebook
  • author twitter

Feb 4, 2022

news-image
Highlights

    Ethereum's price is trading above $2.5k monthly support level, signaling a potential upward trajectory.

    Traders can expect an ETH to initiate a 38% upward rally that retests overhead support of $3.7k.

Ethereum price could see a superlative rally coming soon. The present trading range is one of the most superior buy zones to enter the trade. The king altcoin has kickstarted the trade on a positive note for the month of February with 2% gains. Moreover, the on-chain metric is slowly turning green in anticipation of a 38% breakout. 

Ethereum price has been tightly wound since November, signifying a breakout to initiate swift run-up soon. The number of active addresses, exchange reserves, and whale accumulations hints at a bullish divergence. 

Can Ethereum Price Make It Upto $3.7k! 

Ethereum is silently making a move towards new lower highs. As per the recent analytics of Santiment ETH transacting addresses persisted nicely above a higher level. However, the address activity ratio wasn’t this high since August 2021, when the altcoin has gained +51% gains. 

The current address activity is likely to enable a bullish divergence of at least 38%. If we observe the historical moves, the asset experienced nice positive momentum whenever address activity was at its peak. 

Ethereum whale addresses have resumed trending assets toward non-exchange addresses in spite of rapid volatility since November. Currently, the top-10 largest non-exchange wallets hold more than 24.31 ETH, whereas the top 10 exchange addresses are at just 5.83 million ETH.

Moreover, veterans across the crypto-verse argue that Ethereum is utterly undervalued, practically it would be trading around $10k by now. In addition to the above bullish indicators, other on-chain metrics such as Market cap to Thermocap, Exchange deposits, Percentage supply in profits, and more are turning positive. 

Collectively, if the ETH price manages a weekly close above $2.8k, we can expect a 38% breakout in the coming days. However, there is a high probability that Ethereum’s upward trajectory would be capped at around $3.7k overhead resistance. 

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

Related Articles

Back to top button