ETH’s “Glorious Year” Depends On This Level
According to crypto analyst Jelle, a community sector is currently driven by a negative sentiment towards Ethereum. The bearish sentiment, seemingly fueled by Ethereum’s failure to regain the $4,000 resistance level, has made “lots of people overcomplicate things here.”Due to the spot ETH ETF approval, Ethereum broke out of a multi-moth falling wedge pattern. At the time, ETH successfully regained the $3,600 price range and briefly tested the $3,900 price range.
After reclaiming this key support level, ETH has been consolidating above it, hovering between the $3,700 and $3,800 price range since May 28. According to the analyst, the cryptocurrency is “reclaiming the range lows of a 3-year-long reaccumulation range.”Ethereum ETFs, The Catalyst For New ATH?
Despite the doubts, Ethereum’s recent performance resembles Bitcoin’s (BTC) in previous cycles. According to crypto trader Ash, ETH is the path of the flagship cryptocurrency in 2018-2021. If it continues this track, “$10,000+ ETH is programmed.” As the crypto market awaits the listing of the spot ETF, some analysts consider it the catalyst for an “explosive” alt season this year.Similarly, Ali Martinez noted that over 777,000 ETH, worth around $3 billion, have been withdrawn from exchanges since the US Securities and Exchange Commission (SEC) approved the investment products. Due to a supply squeeze, this development could propel ETH’s price to higher levels.
However, Lookonchain recently that two participants of Ethereum’s Initial Coin Offering (ICO) deposited around 4.5% of their holdings on a crypto exchange. Per the post, the ICO participants received 200,000 ETH, worth around $767 million, at Ethereum’s Genesis.The holders deposited 9,518 ETH, or $36.33 million, into Kraken on Monday, which has alarmed investors. Despite the fear of a possible dump, some community members think this movement could suggest that these long-term holders believe ETH’s price will reach unprecedented highs soon.