Ethereum, the undisputed king of the altcoin market, eventually broke its previous ATH at $ 4,380 and topped the $ 4,400 mark to create a new ATH on October 29, 2021. Accordingly, many predictions are made about future price movements.
While one opinion poll Finder recently forecast ETH’s long-term price movement with a 10-year target of over $ 50,000. At this point it is important to set more realistic medium-term goals for ETH. The following article will go into this and look at the evolution of ETH before it reaches a new ATH.
TO DRAWstill missing FOMO
The ETH price action is very similar to Bitcoin in that ETH broke out of a monthly range. The Ethereum 2.0 Altair Beacon Chain update got off to a successful start as 98.7% of the nodes were updated within 24 hours. In particular, the successful upgrade from Altair to Beacon Chain is a springboard for the merger with the Ethereum mainnet and the transition to the proof-of-stake mechanism (PoS) in Ethereum 2.0.
But that’s not all, the success of Ethereum is also fueled by the use of the platform in the booming DeFi and NFT sectors. At the time of writing, the total value of ETH locked in DeFi is $ 102.61 billion. It is clear, however, that ETH’s trading volume remains below average, which is a sign of the lack of retail FOMO.
ETH 4-Hour Price Chart | Source: Tradingview
Notably, BTC is also lacking a similar retail FOMO, and while worrying, it also highlights the fact that new ATHs are not annual spikes and are more likely to grow.
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Since the HODLer has been very confident in the last few weeks, the ETH reserves on the stock exchange are at the level of 2018. At the time of writing, the indicator for all stock exchanges is 12.36%.
Percentage of foreign exchange balance | The source: Glass knot
From this it can be concluded that the selling pressure has decreased significantly, especially when ETH reached new highs. In other words, traders hope to be able to sell at a higher level than they are now. In addition, the percentage of profitable offerings from ETH will return to the ATH level after May and is 99.981% at the time of going to press. The Circulating Supply Profitable Percentage represents the percentage of coins available whose price at the time of the last move was lower than the current price.
At the same time, the transaction volume records large transactions with a large number of active addresses. In addition, the network growth index also soared, suggesting that the network is in better shape.
ETH price (green), trading volume (pink), number of addresses that are active 24 hours a day (red) | The source: Sanbase
The October monthly expiration event is a test of strength for the bears as ETH closes over $ 4,000 and creates an ATH that will bring ETH bulls over $ 205 million in profits, confirming the rise in asset prices.
The Fib levels of 123.6% and 138.2% could be a potential goal next week and the Fib levels of 161.8% a longer term goal. Notably, the 161.8% Fib is currently trading at $ 6,037. Before that, ETH could pause at $ 5,013 and $ 5,404 – those are more realistic targets for the top altcoin.
The popular trader Michaël van de Poppe also shares an optimistic view of ETH and is To update Analysis after the second largest cryptocurrency hits a new ATH.
According to him, ETH has turned resistance into support and appears poised to begin a gradual push towards the $ 5,000 price point since Bitcoin magazine reported.
However, Van de Poppe believes ETH could correct before moving up. His latest chart shows ETH is consolidating before launching another rally at the start of the new year.
Immortal investors speak that everyone who buys ETH is profitable and that those who buy at low prices are “ahead of their time”.
“Two years ago, when ETH was at $ 100, everyone said it was going to fail. I’ve accumulated despite fear and guess what? It is an honor to be ahead of your time. “
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Minh Anh
According to AZCoin News
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Author
Ethereum
Here are the next course goals for ETH
Ethereum, the undisputed king of the altcoin market, eventually broke its previous ATH at $ 4,380 and topped the $ 4,400 mark to create a new ATH on October 29, 2021. Accordingly, many predictions are made about future price movements.
While one opinion poll Finder recently forecast ETH’s long-term price movement with a 10-year target of over $ 50,000. At this point it is important to set more realistic medium-term goals for ETH. The following article will go into this and look at the evolution of ETH before it reaches a new ATH.
TO DRAWstill missing FOMO
The ETH price action is very similar to Bitcoin in that ETH broke out of a monthly range. The Ethereum 2.0 Altair Beacon Chain update got off to a successful start as 98.7% of the nodes were updated within 24 hours. In particular, the successful upgrade from Altair to Beacon Chain is a springboard for the merger with the Ethereum mainnet and the transition to the proof-of-stake mechanism (PoS) in Ethereum 2.0.
But that’s not all, the success of Ethereum is also fueled by the use of the platform in the booming DeFi and NFT sectors. At the time of writing, the total value of ETH locked in DeFi is $ 102.61 billion. It is clear, however, that ETH’s trading volume remains below average, which is a sign of the lack of retail FOMO.
ETH 4-Hour Price Chart | Source: Tradingview
Notably, BTC is also lacking a similar retail FOMO, and while worrying, it also highlights the fact that new ATHs are not annual spikes and are more likely to grow.
Powerful on-chain ads
Since the HODLer has been very confident in the last few weeks, the ETH reserves on the stock exchange are at the level of 2018. At the time of writing, the indicator for all stock exchanges is 12.36%.
Percentage of foreign exchange balance | The source: Glass knot
From this it can be concluded that the selling pressure has decreased significantly, especially when ETH reached new highs. In other words, traders hope to be able to sell at a higher level than they are now. In addition, the percentage of profitable offerings from ETH will return to the ATH level after May and is 99.981% at the time of going to press. The Circulating Supply Profitable Percentage represents the percentage of coins available whose price at the time of the last move was lower than the current price.
At the same time, the transaction volume records large transactions with a large number of active addresses. In addition, the network growth index also soared, suggesting that the network is in better shape.
ETH price (green), trading volume (pink), number of addresses that are active 24 hours a day (red) | The source: Sanbase
The October monthly expiration event is a test of strength for the bears as ETH closes over $ 4,000 and creates an ATH that will bring ETH bulls over $ 205 million in profits, confirming the rise in asset prices.
The Fib levels of 123.6% and 138.2% could be a potential goal next week and the Fib levels of 161.8% a longer term goal. Notably, the 161.8% Fib is currently trading at $ 6,037. Before that, ETH could pause at $ 5,013 and $ 5,404 – those are more realistic targets for the top altcoin.
The popular trader Michaël van de Poppe also shares an optimistic view of ETH and is To update Analysis after the second largest cryptocurrency hits a new ATH.
According to him, ETH has turned resistance into support and appears poised to begin a gradual push towards the $ 5,000 price point since Bitcoin magazine reported.
However, Van de Poppe believes ETH could correct before moving up. His latest chart shows ETH is consolidating before launching another rally at the start of the new year.
Immortal investors speak that everyone who buys ETH is profitable and that those who buy at low prices are “ahead of their time”.
“Two years ago, when ETH was at $ 100, everyone said it was going to fail. I’ve accumulated despite fear and guess what? It is an honor to be ahead of your time. “
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Minh Anh
According to AZCoin News
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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