Is Ethereum Exploding This Week? A popular trader expects an upward vertical move – and on-chain data supports the bullish forecast.
ETH has to crack $ 3,300
Ethereum has had a few green days. The second-placed cryptocurrency is currently demonstrating considerable strength in terms of market capitalization: ETH remains stable above the support at $ 3,100 at a rate of $ 3,270, and was able to rise around 3.5% in the last 24 hours, based on the week 11%. Further gains are possible if ETH manages to crack the resistance at $ 3,330.
The pseudonymous trader RookieXBT considers it very likely that this will happen. He even anticipates a vertical upward movement in Ethereum and advises against accumulation. On a chart, the crypto expert shows his more than 288,000 followers what course he is assuming at ETH in the short term: According to this, Ethereum will initially trade in a range between $ 3,100 and $ 3,500 for the next few days, but then break out and teleport directly to $ 4,000.
Have an absurd amount of money riding on this, been compounding dips since ~ $ 2800 broke – I think blue chip alts are foreshadowing what’s to come for the king of alts…
– RookieXBT 🧲 (@RookieXBT) August 16, 2021
Blockroots founder and trader Josh Rager confirmed: Ethereum has had a strong weekly close, now the $ 3,550 and $ 3,600 marks are critical. These are the areas that he is currently observing at ETH.
On-chain data speaks for Ethereum
On-chain data provider Santiment cites another aspect that indicates price gains in Ethereum: the accumulation by whales. According to the researchers, so-called Ethereum whales (i.e. addresses with 100,000 ETH or more) are currently massively buying Ethereum:
“Ethereum whale addresses keep adding to their stocks while prices soar above $ 3,100. Exactly 3 years ago to the day, addresses with 100,000+ ETH owned 35.8%. Today they own 7.9% [mehr] of the total supply of the asset with number 2 in market capitalization. There are 1,338 such addresses. “
🐳 #Ethereum whale addresses aren’t stopping their accumulation as prices hover above $ 3,100. 3 years ago to the day, addresses with 10k + $ ETH owned 35.8%. Today, they own 7.9% of the # 2 market cap asset’s total supply. There are 1,338 of such addresses. https://t.co/wVVPHCDmI9 pic.twitter.com/SGTaXXYhjI
– Santiment (@santimentfeed) August 13, 2021
Come in addition: There is also less and less Ethereum on the crypto exchanges, as the blockchain scientists from Glassnode report. Among other things, this is an indication that investors do not want to sell their coins in the short term. At the same time, the reduced number of ETH on the exchanges leads to a lack of supply – and this in turn will cause the Ethereum price to skyrocket. The popular trader “LilMoonLambo” is convinced of this. He writes to his more than 116,000 Twitter followers:
“The supply of ETH that is held by the stock exchanges is at a two-year low.
The supply crisis will drive that rate to $ 10,000, and that’s inevitable … demand will soon outperform supply by insane sums. “
The supply of $ ETH being held by exchanges is at a 2 year low
The supply crisis pump will send this to $ 10,000 and it’s inevitable … demand will outweigh supply by insane margins soon pic.twitter.com/ee9YqJuaDw
– LilMoonLambo (@LilMoonLambo) August 16, 2021
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