• 16 July, 2024
Market News

The Eth Price Has Jumped Past $1700, and the Price Looks Poised for Further Upside Movement

According to data from Santiment, Ethereum’s ‘whale’ and ‘shark’ addresses (those holding between 100-100K ETH) still hold nearly 47% of the supply. This implies that a significant portion of holders is content to hodl, and confident in their investments despite the bearish market.

With Ethereum prices now above $1,700 and looking set for further upside momentum, investors are keenly watching for further bullish signals from the platform before committing to any sizeable investments. While there is still some uncertainty in the space, one thing is for certain – Ethereum has become a formidable force in the cryptocurrency scene.

At this stage, it remains to be seen how far ETH prices will go and whether $2,000 is attainable anytime soon. One thing’s for sure, though – as long as whales and sharks keep on holding, Ethereum will continue to be an attractive option for investors.

In the end, all eyes are now on Ethereum for further price surges, and it should be interesting to see what other bullish signals come out of the platform soon. With the current bull run in full effect, $2,000 is around the corner.

ETH technical outlook?

The Ethereum market is in a strong uptrend, with prices reaching new highs regularly. Ether’s relative strength index (RSI) is currently reading well above the 70 mark, indicating that the asset is overbought.

Source: Tradingview

However, given ETH’s impressive performance over the past few weeks, it is likely that the asset will continue to rise, at least in the short term. On the other hand, investors should be aware of potential corrections, as a sharp decline could occur if ETH prices exceed historical highs.

Overall, Ethereum is firmly in bull territory, and with new developments being announced regularly, the asset could continue to rise towards $2,000 and beyond.

Investors should pay careful attention as Ethereum’s price action will be crucial for gauging the overall health of the cryptocurrency market. As always, it is recommended that traders exercise caution when investing in digital assets and use risk management tools to protect their investments.

It will be interesting to see how ETH prices evolve over the coming days and weeks and whether they manage to breach $2,000 in the near future. But, for now, Ethereum is set to continue its strong performance and could be poised for further gains.

Conclusion

Ethereum has been performing exceptionally well over the past few weeks, with prices now above $1,700 and showing no signs of slowing down anytime soon. However, whale and shark addresses still control nearly 47% of the supply, indicating that most holders are content to hodl their ETH investment.

Disclaimer:   This article is for informational purposes only. It should not be considered financial or investment advice. Investing in digital assets carries a high degree of risk and is unsuitable for everyone.

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