• Ethereum price appears to be considering a massive jump beyond $1900 that may trigger the rally to hit $2000.
• The crypto space is consolidating within a very narrow range after experiencing a notable push in the past few days.
• Recent on-chain tracking system Santiment reveals that the largest Ethereum addresses are split between exchange and non-exchange, with non-exchange players continuing to accumulate, which appears to be bullish for ETH.
Ethereum Price Prepares to Explode
Ethereum has been showing enough strength lately compared to Bitcoin, and its price is heading towards a crucial resistance level that may offer it the required boost to jump beyond $2000. Recently, the ETH price climbed above $1900 for the first time in 2023 ahead of its Shanghai Hard Fork scheduled on April 12th. However, recent consolidation is speculated to be part of a ‘sell-the-news’ event.
Price Could Climb Beyond Average Levels of Channel
Since November 2022, Ethereum’s price has been trading within a rising parallel channel and despite suffering from breakdowns in March 2023, it managed to reclaim its lost positions. If ETH manages to climb beyond the average levels of this channel, then there could be an upswing pushing prices beyond $2000 and reaching as high as $2232 – invalidating any bearish thesis in this regard.
Sustaining Above These Levels May Prove Difficult
Despite Bitcoin’s prices soaring above $28000 recently, sustaining at these levels might prove difficult in the long run. Therefore it will be interesting to see if Ethereum can hold onto its gains or not once it reaches higher levels than before.
Large Exchange Addresses Hit All-Time Low
The data collected by on-chain tracking system Santiment shows that large Ethereum addresses are split between exchange and non-exchange balances which are moving in opposite directions – with exchange addresses hitting an all-time low while non-exchange ones continue surging upwards. This indicates decreasing selling pressure as more people accumulate ETH tokens which looks bullish for the altcoin going forward.
It remains unclear if Ethereum will be able reclaim the levels beyond $1900 or not but nevertheless it’s exciting times for crypto enthusiasts as their favorite coin continues exhibiting strong performance across markets worldwide despite facing multiple challenges along its journey.