The past seven days have seen an amazing gain in the price of Ethereum [ETH] of 10.24%. The double-digit increase has stopped, though, as ETH has plummeted to $1,780 during the last day. The market as a whole continues to believe that the currency will reach $2,000 very soon, notwithstanding the drop.
ETH needs to remove the barrier.
Analyst Ali Martinez claims that before ETH can surge higher, it must overcome the massive supply at $1,960. Martinez pointed out that the quantity of coins purchased at the price made it crucial to tear down the wall at the specified value.
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The researcher reported that 1.14 million addresses have amassed almost 33 million ETH at a cost of $1,960. At this time, ETH has developed a barrier due to the purchasing concentration.
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If trading activity continues to outpace volume at the previously indicated price point, ETH may move closer to $2,000. If not, a significant correction—possibly below $1,700—may be imminent.
Although ETH has recently mostly followed the price movement of the dominant coin, Bitcoin [BTC], it may still require this supremacy to decline. Bitcoin held a 52.43% dominance at the time of publication. This suggests that Bitcoin has had a larger market capitalization than Ethereum and other available cryptocurrencies.
A volatile coin is followed by increasing open interest.
The open interest is one indicator that provides a sense of ETH’s possible price over the next days. A strong open interest might be a source of strength for the price action. Conversely, a declining open interest indicates a feeble price trend.
ETH has $6 billion in open interest at the time of writing. Growing open interest at a decreasing price suggests that the value of the currency could keep falling. But if open interest keeps rising as ETH starts to rise, the cryptocurrency may overcome the obstacle and surpass $2,000.
November 2023 is the predicted price for VeChain (VET)
The bullish structure of ETH was still in place as of the time of writing. Despite its strong volatility, the ETH/USD daily period indicated that the cryptocurrency was overbought. Bollinger Bands (BB) was the source of this claim.
At $1,805, the top band of the BB hit ETH, causing the price to reverse. It is still possible for ETH to drop below $,1786 as of right now. BB’s indication of excessive volatility, however, suggested that there may be notable short-term price swings.
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