- Ethereum’s on-chain data suggests a potential rally.
- Analysis by Ali indicates key support and resistance levels.
- A thick range from $2,235 to $2,302 holds significant investor interest.
On-Chain Analysis: Navigating Ethereum’s Landscape
In a detailed post on X, analyst Ali delves into Ethereum’s current support and resistance dynamics, leveraging on-chain data. On-chain analysis relies on assessing levels where investors acquired their coins, offering insights into potential support and resistance.
Support and Resistance: The $2,235 to $2,302 Range
Ali’s analysis highlights a critical range from $2,235 to $2,302, where 1.84 million addresses acquired over 6 million ETH. Presently, Ethereum is trading just above this range, indicating profit for these investors. A retracement into this range might trigger further buying as holders view it as a favorable zone for potential profits.
Robust Support: $1,958 to $2,029 Range
In the event of a retest, a more robust support zone lies between $1,958 and $2,029, encompassing a cost basis of over 37 million ETH. Ali suggests this robust support could cushion potential corrections.
Clear Path Ahead: A Rally to $2,700 or Beyond
Notably, Ethereum appears to have no major demand wall above its current position, indicating a potential path for further growth. Ali notes, “The path ahead of ETH is clear, with no significant supply barriers in sight, suggesting a potential rise to $2,700 or beyond.”
Conclusion: A Promising Trajectory for Ethereum
The on-chain analysis provides a positive outlook for Ethereum, with key levels signaling potential support and a lack of major resistance barriers. As investors eye a potential rally to $2,700 or beyond, Ethereum seems poised for further growth in the current market landscape.
Prim