Ethereum (ETH) prices are surging toward new heights, exceeding key resistance levels and sparking speculation about whether they will reach the $1,850 mark. Large investors have been making significant on-chain moves this week. 📈
The cryptocurrency’s price surged past $1,620, hitting a peak near $1,705 before approaching nearly $1,800. This momentum has raised the question of whether it can sustain a jump to $1,850.
However, recent whale activity and on-chain data may influence short-term price direction. Market participants are closely watching for signals in this area.
Ethereum surged past resistance at $1,555 to $1,620, breaking free from its trading range. This break allowed prices to reach their new high at $1,705 during the brief period.
After hitting $1,705, Ethereum consolidated above $1,693 before encountering resistance near $1,720. If it holds support above this level, experts believe a bullish continuation is possible.
Analysts predict that if ETH surpasses $1,720, it could fuel further price growth towards the $1,850 target. 📈
However, some fear large holders’ recent actions may trigger selling pressure.
Large wallet transactions have raised eyebrows as a notable Ethereum Foundation wallet transferred 1,000 ETH to Kraken, and another significant transaction saw a whale borrow 15,000 ETH from Aave before selling it for 24.9 million USDT at an average price of $1,660.
Analysts worry about these transactions, as they were made shortly after the price rally, raising concerns about potential seller influence.
On-chain metrics offer a mixed picture for Ethereum’s future. The MVRV Pricing Bands suggest that the market is currently between accumulation and distribution.
Ethereum has been hovering in a similar range since the last two years, which suggests continued buying activity. However, it remains to be seen whether this recent price surge will lead to sustained growth or if it will stall.
To understand the future of ETH prices, one must look beyond simple market indicators and consider the broader context of the cryptocurrency market. 📈
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