Ethereum (ETH) has recently reached a seven -month maximum, but has not yet been able to overcome $ 4,000. Investors and traders are closely monitored by altcoin prices.
We figure out what is happening on the Ethereum (ETH) market and what to expect from the price of cryptocurrency.
Ethereum notes market peak
At the time of writing this analysis, 94% of Ethereum volume brings profit. At the same time, the values above 95% – a signal about the market peak. Usually this is followed by price corrections, as investors begin to fix profit. As a result, the price of altcoin can roll back if the trend continues, which can level out recent achievements.
Market peaks often indicate a weakening of a bull impulse, and many investors begin to sell assets. This can slow down ETH growth, as the market reacts to possible saturation.
Ethereum macroeconomic dynamics shows mixed trends, with an emphasis on the activity of new addresses. At the beginning of the month, their number increased sharply, but then decreased. However, recent data show an increase of 13% over the last 10 days – from 119 184 to 135 532.
If the number of new addresses continues to grow, this can compensate for the influence of the market peak and support Ethereum in maintaining prices. New investors can strengthen the demand for Ethereum, reducing the risk of market falling.
ETH you need a push
At the time of publication, ETH is trading at $ 3,872, holding on above the support level of $ 3,742. Although ETH is approaching $ 4,000, he has not yet been able to overcome this mark. This resistance can restrain the potential of Ethereum for growth in the near future.
If the market unfolds, the price of Ethereum can fall to $ 3,530 or lower. A sharp decline is possible to $ 3 131, which will negate a majority of recent achievements. Such a movement can be canceled by a bull attitude, which contributed to the growth of cryptocurrency.
On the other hand, if the influx of new addresses intensifies, Ethereum will receive a chance to break through resistance at $ 4,000. In this case, ETH can rise to $ 4,425, which cancel the bear scenario and transfer Ethereum into a new bull phase.
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Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
