Ethereum’s price is trading at $1,920, with the Exponential Moving Average (EMA-30) at $1,773 and the Simple Moving Average (SMA-20) at $1,729.
Key Takeaways
- Ethereum (ETH) price surged to $1,950 as bulls made another attempt to break the $2,000 resistance, marking an 8% monthly gain.
- On-chain analysis reveals that Ethereum investors moved $505 million worth of ETH into long-term storage this week, indicating a preference for significant gains over short-term profits.
- Exchange Netflows data from IntoTheBlock shows 263,520 ETH shifted from exchange wallets to long-term storage between November 3 and November 9.
- The trend of ETH holders moving coins to long-term storage has positively impacted Ethereum’s price by reducing the supply available for trading on exchanges.
Ethereum Bulls Push for $2,000
Ethereum (ETH) price surged to $1,950 as bulls made another attempt to break the $2,000 resistance, marking an 8% monthly gain.
Ethereum investors moved $505 million worth of ETH into long-term storage this week, signaling their focus on potential long-term gains rather than short-term profits.
Price targets: 🌔💫#Bitcoin: $100,000+ #Ethereum : $10,000#EGLD : $1,000$WAN : $200+$LINK : $150$KNC : $100$TRX : $10+$MATIC : $7$ADA : $6$XRP :$6$JASMY :$3$HOT : $0.10
— Amonyx (@amonbuy) November 7, 2023
Which one will happen first?💥
On-chain data reveals negative Exchange Netflows for Ethereum in the last seven consecutive trading days, with 263,520 ETH moved from exchange wallets to long-term storage between November 3 and November 9.
Impact on Ethereum Prices
The reduction in available supply due to ETH holders choosing long-term storage has positively impacted Ethereum’s price this week.
If the trend of moving ETH into long-term storage continues, Ethereum’s price may break the $2,000 resistance in the coming days and potentially reach a new 2023 peak near $3,000.
Technical analysis on the daily timeframe supports a bullish stance, with short-term moving averages positioned below the current Ethereum price range.
To Conclude
Ethereum’s recent price surge is driven by investors’ shift toward long-term storage, and if this trend continues, it may lead to a breakthrough of the $2,000 resistance and potential further gains toward $3,000.
Ethereum’s price bounce and bullish sentiment are supported by on-chain data and technical analysis indicators, suggesting the potential for further gains and a move towards the $3,000 target if current trends persist.
