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Home»Altcoins»Ethereum Could Soon Cross $1,860 If 60% of Holders Become Profitable: What’s Next for ETH Price?
Altcoins

Ethereum Could Soon Cross $1,860 If 60% of Holders Become Profitable: What’s Next for ETH Price?

2023-10-26No Comments3 Mins Read
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So far in October, Ethereum has seen an increase of over 20%, revealing the bullish momentum of ‘Uptober’. Nevertheless, as traders look to cash in near the $1,860 peak, ETH’s price faces challenges moving higher. Still, sentiment appears favorable as several on-chain metrics turn bullish, indicating that ETH is poised for another surge, potentially exceeding 30% by the end of the month.

Confidence skyrockets among 61% profitable holders

Amid the ETF hype, a wave of FOMO led many to invest in Bitcoin and Ethereum. However, these investors are now looking for profitable exit points close to the market peaks. This sentiment has stalled Ethereum’s rise, especially around the highs of $1,860. Still, the shift toward favorable on-chain metrics suggests a promising scenario, potentially fading bearish expectations for ETH’s value.

IntoTheBlock’s data shows that the recent rise in ETH price above $1,730 has put more than 61% of holders in a profitable state. Consequently, the market maintains a healthy sentiment, devoid of any substantial sell-off activity from these holders. Furthermore, Open Interest is increasing, indicating that traders are willing to ride the increased volatility. This metric has seen an increase of $400 million in just a few hours, while its current value is $5.7 billion.

Nevertheless, any unfavorable news could trigger significant prolonged liquidation as whales recently lost interest after ETH failed to break past the $1,860 mark. Indicators point to a $2.5 billion reduction in whale transfers since yesterday. Moreover, the net flow of the exchanges has changed positively since the 23rd as there has been a notable increase in the number of deposits to exchanges compared to withdrawals.

See also  Is Altcoin Season Near? Bitcoin dominance tests key resistance

Currently, with Netflow registered at 33.2K ETH, it appears that foreign exchange reserves are rising as holders show a preference for liquidation. This trend could potentially cause a price drop under the current unstable conditions.

What’s next for the ETH price?

Ether’s price is currently trying to meet buyer demand as it heads towards a break above $1,860. However, mounting bearish pressure is causing multiple rejections for the altcoin. At the time of writing, ETH price is trading at $1,784, down more than 1.2% from yesterday’s price.

Attempts were made to steer the rally below $1,760, but a pronounced long wick on the day’s candlestick indicates significant buying pressure at lower prices. Now all eyes are on the $1,860 mark, a critical resistance level. If the bulls successfully breach this level, there is a chance that ETH price will rise above $2,000.

However, the bears may not stand idly by. They are likely planning to push the value below the $1,760 threshold, aiming to trap overconfident bulls. Should this happen, the price could retreat to the 50-day EMA at $1,705. Such a move would imply a longer consolidation period for the price.



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