Ethereum showed himself better than most assets in a recent sale. Token tested the level of $ 4,300, but quickly returned above $ 4,500, increasing by 11% per week. For comparison, bitcoin fell 1.6% in the same period
Traiders are wondering whether Ethereum can overcome $ 5,000. Onchain-data show the strong pressure of customers, and experts are sure that growth potential has not yet been exhausted.
Stocks from exchanges emphasize interest in purchases
When more ETH leaves the exchanges than acts, this means that traders bring coins to wallets for storage, and not for sale. On August 26, the outflow of exchanges amounted to almost 287,000 ETH. It was the second largest level from July 31, when more than 316,000 ETH was withdrawn in one day. Then this movement preceded the increase in the price of Ethereum from $ 3,930 to $ 4,750 in a few days.
Kevin Rasher, the founder of the RAAC real assets platform, noted in a conversation with Beincrypto that the latest flows emphasize the stability of ETH.
Recently it became known that BlackRock takes funds from bitcoin and invests about $ 89 million in Ethereum, which has made up a significant part of the latest outfills.
This trend shows that large players continue to buy on the decline, even when the market as a whole weakens.
The ratio of purchases and sales confirms the trend
Another indicator confirming this trend is the ratio of purchases and sales. He measures the activity of customers on exchanges. The value above 1 suggests that buyers are actively fulfilling the orders for sale at the requested price, without waiting for a decline.
On August 26, the ratio of briefly rose above 1 for the first time from August 20. Previous local peaks above 1, such as August 9 and 12, were accompanied by a significant increase in the price of Ethereum. The last surge has become the most significant since mid -August, despite the decrease in ETH prices. The fall after August 26 is based on incomplete data and may change.
Rasher noted that Ethereum is now attracting not only traders.
Key levels of the price of Ethereum and the path to $ 5,000
Despite the recent volatility, the price of Ethereum remains close to the main resistance of $ 4,623. A breakthrough of this level will open the road to $ 4,749, and then to a psychological mark of $ 5,000. If the pulse is preserved, $ 5,213 will be the next technical guideline.
Rasher believes that in the long run Ethereum has an advantage. He pointed out the profitability from stakeing and institutional acceptance as key factors. He also noted that whales transferred billions from bitcoin to ETH in recent days, which strengthens demand.
The future of Ethereum depends on the ability of customers to hold support and move towards resistance. If the story is repeated, recent outfills and an increase in activity can become a catalyst for a new rise. Ethereum bullshit will be canceled only with a fall below $ 4,066. Any value above can lead to a rebound due to the redistribution of capital by buyers.
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Source: Cryptocurrency
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