Ethereum
Ethereum’s $3,650 target could be blocked by a 4.45 million ETH wall
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As Ethereum (ETH) continues its journey beyond the $3,000 price point, it faces a formidable challenge: a strong resistance zone lies between $3,170 and $3,270.
This obstacle is not just a price; it represents a significant concentration of ETH held by 1.63 million addresses, totaling 4.45 million ETH.
This accumulation of headlines could be crucial in determining whether Ethereum can break through and reach the highly anticipated $3,650 level.
In a tweet, crypto analyst Ali highlighted a formidable resistance zone for ETH between $3,170 and $3,270, characterized by a concentration of Ethereum holdings among a large number of addresses. According to on-chain data, approximately 1.63 million addresses collectively hold 4.45 million ETH at these price levels.
Huge addresses holding their ETH in this range indicate a potential selling point, where many investors could decide to take profits, thereby increasing selling pressure and making it more difficult for the price to advance.
If a significant portion of these holders sell, it could cause prices to fall. Conversely, if these holders remain confident and continue to hold, or if new buyers step in with enough volume, the price could break above resistance and head towards the next target of $3,650. Ali indicated in his Tweeter that breaking the barrier between $3,170 and $3,270 could propel ETH towards $3,650.
At the time of writing, ETH was up 1.51% over the past 24 hours to $3,243. if the current upward momentum continues, Ethereum could target $3,302 ahead of the 50-day SMA at $3,488. This would target $3,650 and break above the $3,729 barrier.
On the other hand, if ETH price declines from current levels, it could slide towards the $3,000 price level. This remains a critical support for the bulls to hold because, should it fail, the next stop could be $2,850.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, performing comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.