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Top 4 Reasons Ethereum Price Is on the Verge of a 60% Surge
Source: CryptoNewsNet Original Title: Top 4 reasons Ethereum price is on the verge of a 60% surge Original Link:
Ethereum Price Technicals Suggest a Rebound is Possible
Ethereum (ETH) has risen to a high of $3,247, its highest level since Nov. 14, and was about 20% above its November low. The daily timeframe chart shows that the ETH price has some highly bullish technicals. It has formed a falling wedge pattern, which connects the highest and lowest swings since Sep. 26.
A closer look shows that it has moved above the upper side of the wedge and is now attempting to flip the Supertrend indicator green. The two lines of the Percentage Price Oscillator have made a bullish crossover and are pointing upwards.
The most likely scenario is where the token continues rising, with the next key resistance level to watch being the year-to-date high of $4,960, which is approximately 60% above the current level.
ETF Inflows and Falling Exchange Reserves
There are several reasons why the Ethereum price rally has more room to run in the coming weeks.
ETF Investment Momentum: Third-party data shows that American investors continue buying Ethereum ETFs. The ETFs added over $312 million in assets last week and $9.6 million this week. While this week’s inflows are moderate, it is worth noting that spot Bitcoin ETFs have shed $142 million.
Declining Exchange Reserves: Another sign of resilient demand is that investors continue to remove Ethereum from exchanges. This supply is going to staking platforms and ongoing accumulation by major investors. Data shows that the percentage of Ethereum supply on exchanges has dropped to 8.84%, well below Bitcoin’s 14.8%.
ETH is leaving exchanges faster than BTC:
Network Improvements Driving Demand
Ethereum’s developers have continued to improve the network through recent upgrades. The goal is to make it a much better chain than other networks, driving more demand from companies building solutions in areas like decentralized finance and real-world asset tokenization, industries that Ethereum currently leads by a significant margin.