“In a remarkable surge, Ethereum breaks through the $1800 barrier, as bullish momentum continues to dominate the market, unlocking new possibilities for decentralized finance and revolutionizing the way we interact with digital assets.”
ETH Continues Bullish Rally, Supply on Exchanges Dips
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
ETH extended its bullish rally past the $1,800 price level, following Bitcoin’s significant gains. The rally from the $1,550 support level resulted in a 20% gain for ETH, with the price trading above the critical $1,800 level. This surpassed the $1,700 target predicted by AMBCrypto based on ETH whales’ accumulation. With the $1,800 level now acting as support, bulls may aim for the next milestone at $1,900.
Bulls overwhelmed sellers at multiple price hurdles, including $1,680 and $1,745. The strong buying pressure was evident in the Relative Strength Index (RSI) reading of 74. The uptick in the On Balance Volume (OBV) further accelerated the bullish move, overcoming a bearish price zone at $1,800. Despite a pullback on October 24, bulls successfully flipped the level to support.
Looking ahead, bulls could target further gains with the $1,900 price level achievable in the long term, especially if BTC continues its bullish run past $35k.
Supply on exchanges dipped, indicating a decrease in selling pressure. Long-term ETH holders (3 months+) are currently sitting on 9.2% of unrealized profits at the current price. This, coupled with the declining supply on exchanges, could provide an advantage for bulls pushing for $1,900.
Please note that this information is based on the writer’s opinion and should not be considered as financial advice.