Ethereum Price Analysis: Is ETH Headed to $3,500 This Week?
Ethereum Price at Crossroads: Will $3K Support Hold?
Hey, Crypto Crusaders!
Ethereum price today is on fire, smashing $2,497 resistance and eyeing $2,650 next! Some predict a $4,000 breakout—can ETH overcome selling pressure to reach its moonshot?
Ethereum Price Prediction and Key Levels
Ethereum Price Today: ETH is up 1.50%, Trading at $3,106 as per Coinpedia Markets.
Ethereum experienced a long period of consolidation, where many investors were waiting to cash in on their positions.
This has led to a rise in selling pressure, but for Ethereum price to continue its upward movement, demand needs to increase to counter this negative sentiment.
Ethereum Liquidations & ETF Outflows Today
In the past 24 hours, ETH price saw $54.48 million in liquidations, with long positions contributing to $37.81 million of this amount.
Ethereum ETFs recorded their first net outflows since November 4, with $3.2 million pulled out.
Despite these setbacks, trading volumes remain strong, sitting at $1.63 billion, indicating that investors are still actively trading Ethereum.
Surge in ETH Exchange Withdrawals
Over the past week, around $1 billion in ETH has been withdrawn from exchanges, which is a positive signal. This typically indicates that investors are accumulating Ethereum and moving it to private wallets for long-term holding.
However, in the last 24 hours, around $430 million worth of ETH returned to exchanges. This surge in exchange inflows could increase selling pressure and slow down Ethereum’s rally.
Declining Network Activity Raises Concerns
Ethereum’s network activity has seen a drop in recent days, with total transaction fees decreasing from 5.65K ETH to 3.88K ETH.
This slowdown could be a sign of reduced demand, which may dampen the overall bullish outlook for Ethereum.
Can Ethereum Reach $5,450?
Despite the challenges, some analysts are still bullish on Ethereum price prediction. If Ethereum can maintain support above $3,000 and break through key resistance levels, the price could rise to as high as $5,450 in the medium term.
For this to happen, ETH price will need to overcome the selling pressure and increase network activity to boost investor confidence.
What’s Next for Ethereum?
The current Ethereum price reflects a mixed outlook. While Ethereum has shown bullish signs, such as large withdrawals from exchanges, there are still concerns like selling pressure and declining network activity.
To hit new highs, Ethereum will need to keep its momentum going by maintaining strong support levels and attracting more demand.
Whether ETH price can reach its all-time high or even surpass it remains to be seen, but the next few weeks will be crucial in determining its path forward.