Altcoins News
By Sakamoto Nashi
1 / 7
Ethereum has been making waves in the crypto market recently, with bulls pushing the price toward the critical $2,000 level.
2 / 7
Conviction buyers have played a pivotal role in the current upward momentum. According to on-chain data from Glassnode, the conviction buyer cohort has seen a major uptick in its…
3 / 7
With conviction buyers firmly in control, Ethereum’s market capitalization has expanded by 12%, reaching $219 billion.
4 / 7
A closer look at Ethereum’s on-chain data reveals strong organic demand building up. One of the key indicators of this demand is the behavior of large holders or whales.
5 / 7
Additionally, Ethereum’s spot market has shown signs of accumulation. The ETH Spot Market has seen a significant shift, with negative exchange netflow recorded recently.
6 / 7
However, for the bullish momentum to be sustained, Ethereum must hold above $1,800. If ETH successfully flips the $1,895 cost-basis cluster, where 1.
7 / 7
In conclusion, Ethereum is on the verge of potentially achieving a significant rally toward the $2,000 level.
The Currency Analytics
Want the full story?