Ethereum has reached its highest price level in more than two months
The price of Ethereum has surpassed the $1500 level in the last 24 hours, surpassing its previous high and reaching a price level it has not touched in over two months. On-Chain metrics indicate that ETH accumulation is increasing.
ETH price increase. Source: Screenshot taken from Coinmarketcap.com.
This price is the highest ETH has reached since November last year, when it suffered a 26% plunge in value, and at the time of this writing was trading at approximately $1570, a price level that served as support in the October to November 2022 market cycle.
ETH daily price chart. Source: screenshot taken from Tradingview.com.
According to the analysis platform Santiment, it seems that during these last two months there has been a lot of accumulation, in a tweet published this January 11 he made special reference to the appearance of 3000 new shark addresses, referring to wallets that store between 100 and 10000 ETH, which although they are not whales, together with these can influence the price of an asset due to their large capital. Further noting in its publication, that this is the highest level recorded since February 2021.
Screenshot taken from the Santiment platform's Twitter feed.
For this momentum to continue, the resistance around this price level must be broken, and reach the next important level around $1650, a level that has not been reached since last November, but it must be considered that prices have built a solid support around $1200.
What is certain is that Ethereum has gained good momentum and seems to be making good progress this 2023, leaving gains of about 22% in the last 7 days. Perhaps Ethereum's upcoming Shanghai upgrade scheduled for March could be part of this boost the price has received, as according to some considerations, this upgrade will boost demand for participation, reducing the circulating supply of ETH, and investors seem to be taking that consideration into account.
Let's hope that Ethereum, the second largest asset in the cryptocurrency market, maintains its momentum towards $1600, and that it doesn't breach estimates too soon so as not to see a major pullback in price.
This beginning of the year we can see an increase in the total market capitalization of cryptocurrencies, let's hope that this bullish sentiment that has led some coins, including ETH, spreads to the rest of the market.
Well friends, I hope you liked the information. See you next time!
Ethreum is the king of altcoins and I think the real pump has not come yet and we will see it when bitcoin will be stable. And this is going to happen with other altcoins as well. Thanks for great post.
Hello friend, it is the second currency in market capitalization for a reason, no doubt we will see more pumping when the market stabilizes.
greetings @emiliomoron _
this movement that the market has taken is undoubtedly very good, although it was expected not to be so by the resent statements of the FED, but in turn I think that such statements did not give cause for that to happen, this shows that the market is taking the path we all want.
Hello my friend, it is a good way, let's hope it continues like this and conditions improve for the whole market.
I am waiting for ETH to hit again $3000 but I think it will take 5-6 months from now
Hopefully it will return to its historical highs, it has yet to reach several important levels, but hopefully this momentum can be sustainable.
Hope so.