The crypto market has reignited optimism among investors for some time. Most major cryptos, such as Bitcoin, Ethereum and XRP, have seen significant gains over the past four weeks. For Ether (ETH), on-chain and technical indicators suggest theimminence of a major bullish wave.
Positive signals from on-chain indicators
After hitting critical support around $1520 in October, theEthereum (ETH) rebounded by more than 30% so far. Currently, the price of Ethereum is at $2,020 on Binance.
This rise comes amid a major rally in the crypto market, led by Bitcoin, which today reached $38,000. For Ethereum, the current rise appears to be the start of the long-awaited bull-runwhile on-chain indicators suggest a continuation of the rise.
According to data from IntoTheBlock, cryptos sent to exchanges for the purpose of being sold are lower than the outflows over the last 7 days. Let’s look at the graph below:
We observe that investors transferred 263,520 ETH from crypto exchange wallets to cold wallets between November 3 and November 9. These operations thus suggest a accumulation by investors long-term.
This indicates that, while Ethereum price increases, some investors choose to accumulate more. The total value of these purchases is around half a billion dollars, calculated at the average price. Then, with a cumulative trading volume of around 50 billion, it comes toa particularly stimulating accumulation.
Ethereum Crypto Price Predictions
As of October 8, the total value of outstanding investments on Ethereum was $4.2 billion. Today, it reaches more than $5.42 billion, indicating a stable increase in prices in the short and medium term.
After consolidating in the range between $1867 and $1766, Ethereum finally made a major breakthrough. On the daily chart, we can actually see a significant increase in price, approaching the yearly high at $2,138. This level could play a major resistance role for the second largest crypto by market capitalization.
If Bitcoin maintains its current trajectory, theEther (ETH) could likely hit a new yearly high at $3,000. However, caution will need to be exercised in the face of potential profit-taking by investors who have purchased since $1,520. Indeed, IntoTheBlock also indicates that 73% of Ethers crypto holders are in the green at the current price.
However, positive signals from on-chain and technical indicators suggest further upside for this crypto. What will be the next goal for Ethereum (ETH)?
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