• Sat. Jun 22nd, 2024

Ethereum (ETH): Evaluating Chances of Overcoming $2K This Week

Sep 13, 2022

Ethereum seems prepared to overcome a crucial resistance in the coming week. The leading alt by market capitalization traded at $1,750 during this publication, following a 1.15% decline within the past 24 hours.

Meanwhile, Ethereum explored double-digit gains as it awaits the anticipated Merge. The ETH community has reflected increased optimism, with most market participants predicting a break past the resistance of $1,800 after the latest momentum. Nevertheless, there’s yin in yin yang.

Towards Greener Pastures

An anonymous cryptocurrency analyst AltCryptoGems tweeted that Ethereum would overcome the resistance of $1,786 soon. That’s after the altcoin presented a lucrative performance lately, swaying beyond the 20-50 MA and likely to test the 200 Moving Average.

Traders are enjoying a stretched profitability phase for Ether trading. The latest data from an analytic site Santiment revealed that ETH’s MVRV Ration hovered at 7%. That means near-term holders are enjoying surged profitability.

Also, Ether has trended among the leading whales lately. The recent update from WhaleStats shows Ethereum as the top purchased digital coin by the dominant 5000 ETH whales on September 12. This cohort spent $5,058 on average on ETH, and that brings the (average) quantity to above three $ETH.

Nevertheless, the altcoin has seen a change in ETH supply momentum by leading addresses, according to the broad picture. Ether’s total supply has declined by about 1% among whales. And that seems like a thorn in the rose.

The Strange Bird

Cryptocurrency expert Justin Bennett also shared his views on ETH’s surge within the past few days. A recent Bennett tweet warned the community against Federal-induced volatility within the cryptocurrency market.

Remember, the upcoming FOMC (Federal Open Market Committee) meeting will happen on September 20-21. The event has historically initiated near-term volatility among digital coins, including Ethereum. His analysis shows the cryptocurrency market sits 5% beneath a crucial resistance zone and might witness another high push before a downswing.

Also, Ethereum shares a massive correlation with Bitcoin. Thus, ETH fans should watch BTC as its actions could impact the alt market. Bitcoin changed hands at $21,307 during this publication, following declines within the past few hours.

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