{"id":567605,"date":"2024-01-01T22:00:53","date_gmt":"2024-01-01T22:00:53","guid":{"rendered":"https:\/\/ktsl888.com\/?p=567605"},"modified":"2024-01-01T16:46:30","modified_gmt":"2024-01-01T16:46:30","slug":"ethereum-set-further-gains-analyst-puts-target","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-set-further-gains-analyst-puts-target\/","title":{"rendered":"Ethereum “Set For Further Gains,” Analyst Puts This Target"},"content":{"rendered":"

An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing.<\/p>\n

Ethereum Has No Significant On-Chain Resistance Ahead<\/h2>\n

In a new post<\/a> on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis<\/a>, the potential for any level to provide any notable amount of support\/resistance to the price depends on the number of investors who acquired their coins.<\/p>\n

Related Reading: $47,600 Or $38,600? What Could Be Next For Bitcoin<\/a><\/div>\n

Here is a chart that shows the amount of ETH that was bought at some of the price ranges that the asset has visited before:<\/p>\n

\"Ethereum<\/p>\n

The density of cost basis at each of the different ETH price ranges | Source: @ali_charts on X<\/a><\/pre>\n
The graph shows that the $2,235 to $2,302 range carries the cost basis<\/a> of a significant number of coins. More specifically, 1.84 million addresses acquired more than 6 million ETH inside this range.<\/p>\n
Currently, the Ethereum price is trading just above this range, implying that all these investors are in the green. If the Ethereum spot price retraces into this range, these holders could show some reaction, as their profit-loss boundary would be retested.<\/p>\n
Since these holders would have been in profits just before the retest, they might want to buy more, as they may believe that this same price range that was profitable earlier might turn out to be a worthy buy again.<\/p>\n
Since the range is thick with investors, this buying effect that may arise on a retest could end up providing support to the price. If the support fails, the price might be between $1,958 and $2,029.<\/p>\n
This range is much more robust, hosting a cost basis of over 37 million ETH. Ali notes that this support could potentially help cushion any corrections that may take place.<\/p>\n
Now, Ethereum has strong support below, and as is apparent in the chart, there is no major demand wall above it simultaneously. Investors in loss (those with a cost basis higher than the current spot price) may be desperate to escape the market, so the price rising to their break-even can be an enticing exit opportunity.<\/p>\n
Related Reading: Bitcoin Erases Recovery As Miners Cash Out 3,000 BTC<\/a><\/div>\n
If many holders are sitting at a loss, their demand zone could provide significant resistance to the price because of such selling. ETH has no such obstacles in the nearby price ranges so that the coin could rally further. “The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond,” explains the analyst.<\/p>\n
The market intelligence platform IntoTheBlock<\/a> has also shared a chart that could provide further evidence for a bullish case of Ethereum.<\/p>\n
\"Ethereum<\/p>\n
The trend in the HODLer ratio for Bitcoin and Ethereum | Source: IntoTheBlock<\/a><\/pre>\n
As is visible in the above graph, the percentage of Ethereum investors who can be classified as “HODLers<\/a>” (1 year+ holding time) has shot up recently. “This year, the percent of long-term ETH holders surpassed that of Bitcoin for the second time ever!” notes IntoTheBlock.<\/p>\n
ETH Price<\/h2>\n
Ethereum is currently at the $2,316 mark, not too far above the support zone mentioned earlier.<\/p>\n
\"Ethereum<\/p>\n
Looks like the price of the coin hasn't been moving much recently | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. Here’s the level ETH may end up surpassing. Ethereum Has No Significant On-Chain Resistance Ahead In a new post on X, analyst Ali has discussed how Ethereum’s support and resistance levels are looking like based on on-chain data. In on-chain analysis, the potential for any level to provide any notable amount of support\/resistance to the price depends on the number of investors who acquired their coins. Related Reading: $47,600 Or $38,600? What Could Be Next For Bitcoin Here is a chart that shows the amount of ETH that was bought at some of the price ranges that the asset has visited before: The density of cost basis at each of the different ETH price ranges | Source: @ali_charts on X The graph shows that the $2,235 to $2,302 range carries the cost basis of a significant number of coins. More specifically, 1.84 million addresses acquired more than 6 million ETH inside this range. Currently, the Ethereum price is trading just above this range, implying that all these investors are in the green. If the Ethereum spot price retraces into this range, these holders could show some reaction, as their profit-loss boundary would be retested. Since these holders would have been in profits just before the retest, they might want to buy more, as they may believe that this same price range that was profitable earlier might turn out to be a worthy buy again. Since the range is thick with investors, this buying effect that may arise on a retest could end up providing support to the price. If the support fails, the price might be between $1,958 and $2,029. This range is much more robust, hosting a cost basis of over 37 million ETH. Ali notes that this support could potentially help cushion any corrections that may take place. Now, Ethereum has strong support below, and as is apparent in the chart, there is no major demand wall above it simultaneously. Investors in loss (those with a cost basis higher than the current spot price) may be desperate to escape the market, so the price rising to their break-even can be an enticing exit opportunity. Related Reading: Bitcoin Erases Recovery As Miners Cash Out 3,000 BTC If many holders are sitting at a loss, their demand zone could provide significant resistance to the price because of such selling. ETH has no such obstacles in the nearby price ranges so that the coin could rally further. “The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond,” explains the analyst. The market intelligence platform IntoTheBlock has also shared a chart that could provide further evidence for a bullish case of Ethereum. The trend in the HODLer ratio for Bitcoin and Ethereum | Source: IntoTheBlock As is visible in the above graph, the percentage of Ethereum investors who can be classified as “HODLers” (1 year+ holding time) has shot up recently. “This year, the percent of long-term ETH holders surpassed that of Bitcoin for the second time ever!” notes IntoTheBlock. ETH Price Ethereum is currently at the $2,316 mark, not too far above the support zone mentioned earlier. Looks like the price of the coin hasn’t been moving much recently | Source: ETHUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, IntoTheBlock.com<\/p>\n","protected":false},"author":542,"featured_media":567610,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,91023,91022,84165,87134,89931,8686],"class_list":["post-567605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-gains","tag-ethereum-on-chain-resistance","tag-ethereum-price-prediction","tag-ethereum-rally","tag-ethereum-resistance","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum "Set For Further Gains," Analyst Puts This Target<\/title>\n<meta name=\"description\" content=\"An analyst has explained that Ethereum could be set to see a further rally based on on-chain data. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum “Set For Further Gains,” Analyst Puts This Target","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-set-further-gains-analyst-puts-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-set-further-gains-analyst-puts-target\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/kanchanara-x8pfawwxLcE-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/kanchanara-x8pfawwxLcE-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum gains","ethereum on-chain resistance","ethereum price prediction","ethereum rally","ethereum resistance","ethusd"],"dateCreated":"2024-01-01T22:00:53Z","datePublished":"2024-01-01T22:00:53Z","dateModified":"2024-01-01T22:00:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum “Set For Further Gains,” Analyst Puts This Target\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-set-further-gains-analyst-puts-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-set-further-gains-analyst-puts-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/kanchanara-x8pfawwxLcE-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/01\\\/kanchanara-x8pfawwxLcE-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum gains\",\"ethereum on-chain resistance\",\"ethereum price prediction\",\"ethereum rally\",\"ethereum resistance\",\"ethusd\"],\"dateCreated\":\"2024-01-01T22:00:53Z\",\"datePublished\":\"2024-01-01T22:00:53Z\",\"dateModified\":\"2024-01-01T22:00:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/01\/kanchanara-x8pfawwxLcE-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/567605"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=567605"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/567605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/567610"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=567605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=567605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=567605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}