The price of Ethereum has been steadily increasing over the past few days, as indicated by the overall trend on the chart. This is a strong sign for investors and traders, as it shows that the market is beginning to recover from the downward pressure that it faced earlier this year.
One of the key factors driving this price increase is the strong support that is present at the $1,100 level. This zone has acted as a major support zone in the past, and it is likely to continue doing so as we move forward.
ETH‘s large key addresses have been growing in number since the FTX debacle in early November. There have been moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high.
Despite this recent price increase, some analysts believe that Ethereum could still face significant headwinds soon. For example, some believe that the growing number of large key addresses could lead to greater market volatility in the months ahead. However, others remain confident that Ethereum will continue to perform well in the long run, as more businesses and developers continue to adopt this technology for use in decentralized applications. As a result, it will be interesting to see how the price of Ethereum evolves in the months ahead.
As more institutional investors enter the market and begin to adopt cryptocurrencies like Ethereum, we can expect to see further price gains in the coming months. Whether or not this upward trend will continue, however, remains to be seen.
At this point, it is important for investors to carefully monitor market developments and stay abreast of any regulatory changes that could impact the long-term outlook for this cryptocurrency. Nevertheless, for now, it seems that Ethereum is heading in a positive direction, and this could be an exciting time to invest.
ETH technical outlook?
On the four-hour chart, it is evinced the price of ETH has been making higher highs and higher lows since November, indicating an overall uptrend. The recent price increase is likely being driven by strong buying pressure, as investors see Ethereum as an attractive investment opportunity.
The RSI on the daily chart is also showing bullish momentum, suggesting that the price of ETH could continue rising over the coming weeks. However, we will need to keep a close eye on any signs of weakness or selling pressure, as this could lead to a price pullback.
Conclusion
The outlook for Ethereum looks positive, as investors continue to see it as an attractive investment opportunity in this dynamic and rapidly-evolving cryptocurrency market. However, investors need to stay up-to-date on market developments and any regulatory changes that could impact the price of Ethereum in the months ahead. As always, investors should carefully assess their risk tolerance and investment goals before making any trading decisions.
