Over the past few weeks, Ethereum It regained its $2,500 price mark and recovered a level not seen in months due to the high bear pressure that has hampered the growth of its assets. The updated upward trend in ETH is thought to be caused by several important factors, but one factor tends to stand out in prominent price growth.
The key driver behind Ethereum’s recent surge
As the market improved, Ethereum surged beyond the $2,500 level, a critical move to get its assets into the spotlight. However, GlassNode, the leading financial and chain data platform, It was revealed Behind the notable rising price action is a key catalyst.
It was thought that several factors were strengthened. Ethereum’s new upward trendGlassNode emphasized that sharp movements above $1,800 and above $2,500 are driven by low supply concentrations in that range. This makes the price range important altcoinThe reverse trajectory of.
This development demonstrates Ethereum’s resilience in recent market conditions. Bullish long-term outlook For the second largest digital asset. However, after slightly above the $1,800-$2,500 price range, the ETH rally faced serious resistance at the 2,580 mark.
On-chain data shows that more than 1.3 million ETHs are held at this price level, making the Bulls the next important area they have to surpass for a continuous upward trend. Additionally, GlassNode shows that the owners are leaving the market that is close to cost-based as supply at this point fell to 1 million ETH and prices approach this point.
Ali Martinez is a chain expert and trader Underlined A key level of ETH’s price dynamics after delving into Global In/Out of the Money Metric. Important metrics indicate holder behavior and interest at a particular price level.
Following his exam, Ali Martinez pointed to a key price range of $2,060 to $2,420. According to on-chain analysts, this is Ethereum’s most important support floor, as investors hold a significant amount of ETH at this point.
Martinez revealed that over 69 million ETHs hold wallet addresses of around 10 million at this level. and ETH Currently trading beyond the price range, it could serve as a strong support for Altcoin for impending negative side attempts.
ETH funding rate is positive
Just as Ethereum shows bullish behavior, market expert Kyle Dope outline Funding rates across all crypto exchanges remain flat. ETH’s funding rate shows that despite the recovery, traders are not jumping into over-utilized positions.
However, Kyle Doops emphasized that upward performance on ETH is not leveraged-driven. Rather, this movement is driven primarily by actual spot demand. This is due to stable purchasing activities without wild liquidation or leverage noise. If futures are also beginning to be pursued, experts are sure ETH could grow significantly in the coming weeks.
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