In line with the overwhelming bullish sentiment in the general cryptocurrency market, Ethereum (ETH) has continued its gains from previous weeks and has already broken out of the key resistance area, signaling it is ready for more significant gains soon.
Specifically, Ethereum has overcome a resistance zone between $1,982 and $2,044, where 1.67 million crypto wallets purchased 38.73 million ETH, according to the recent data shared by renowned crypto analyst Ali Martinez in an X post he published on November 24.
As the crypto trading expert concluded, should Ethereum stay above this demand area, it could pave the way for it “to reach new yearly highs,” particularly considering there is “minimal resistance ahead and solid support below.” Indeed, according to the chart, no demand walls per specific price ranges stand out.
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Another bullish sign for Ethereum is that the 200 of its largest whales are currently holding 62.76 million ETH, which is over 50% of all the circulating supply and 30% more than they had one year ago, on November 21, 2022, as interest continued to increase.
At the same time, it is worth noting that about 94,700 new Ethereum addresses appeared on November 20, 2023, marking the highest amount of new address creation activity in more than four months since July this year, as Finbold reported on November 23.
Ethereum price analysis
Meanwhile, the second-largest cryptocurrency by market capitalization is currently changing hands at the price of $2,102.76, recording an increase of 2.09% in the last 24 hours, gaining 7.26% on its weekly chart, and adding up to the more significant advance of 17.77% across the previous month.
Indeed, the digital asset has managed to grow its price well beyond the average of $2,012.38 at which the above-mentioned addresses acquired the amount of ETH reported by Martinez and is not facing any difficult demand walls after its current price point, so his predictions may well come true.
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