A naukri.com initiative
Newsbtc
3w
70
Image Credit: Newsbtc
Ethereum Stalls at $2,500, But Is a $4,000 Breakout Closer Than You Think?
- Ethereum faces resistance at the $2,500 level after a brief rally above $2,800 last week, currently trading at $2,511.
- Analysts point to the 50-week exponential moving average (EMA) as a key resistance level, historically leading to significant price gains upon breakout.
- Breakouts above the 50-week EMA in previous cycles have resulted in price increases ranging from 25% to 135%, potentially targeting $4,000 for Ethereum.
- Ethereum's staking metrics show steady growth, with over 500,000 ETH staked in June, totaling over 35 million ETH, indicating investor conviction.
- Staking involves locking ETH to secure the network, reducing circulating supply on exchanges and encouraging long-term holding behavior.
- Accumulation wallets holding ETH with no selling history have reached an all-time high, holding 22.8 million ETH, further signaling long-term investment strategies.
- On-chain developments align with increased interest in Ethereum financial products, driven by institutional and retail engagement, as well as the approval of spot ETH ETFs by the SEC.
- SharpLink Gaming, a Nasdaq-listed company, revealed a $425M Ethereum reserve strategy in partnership with ConsenSys, showcasing continued interest in Ethereum-based initiatives.
Read Full Article
4 Likes
For uninterrupted reading, download the app