For the past few weeks, investors in the cryptocurrency markets have felt like they are riding a roller coaster. Ups and downs, constant fluctuations. The post Ethereum (ETH): Signs of Momentum Building as Investors Accumulate appeared first on COINTURK NEWS.
Ethereum (ETH) Analysis
Taking a closer look at the chart below, we can see that investors have moved 263,520 ETH from crypto exchange wallets to cold wallets between November 3 and November 9.
This movement to cold wallets indicates accumulation by long-term investors. This shows that while prices are starting to rise, some investors are collecting more ETH. The realized purchase is worth approximately half a billion dollars at the average price. Considering that the cumulative trading volume is around 50 billion, this is a very exciting accumulation.
ETH Price Predictions
On October 8, the size of open positions for ETH was $4.2 billion, and today it is over $5.42 billion. This increase of over $1 billion signifies more capital inflow for ETH. This highlights a stable price increase in the short and medium term.
Despite several attempts, ETH has not been able to sustain closings above $1,950. The first signal for a turnaround on the chart will be 4-hour closings above this range. After that, the reclaiming of the $2,000 and $2,200 levels will be necessary.
Just as BTC reversed rapid declines in May, it is likely that Ether will reverse the obstacles up to $3,000 in a similar manner. For this to happen, accumulation must continue and BTC price must consolidate above $36,000.