After bottoming out in June at about $880, the price of Ether has more than doubled, despite several unfavorable developments, such as the demise of FTX, a rise in interest rates, and stricter U.S. regulations.
As a result, ETH/USD has drawn an ascending triangle, which is supported and opposed by a rising trendline and horizontal level, respectively.
Price of Ethereum
Depending on where traders locate the triangle’s rising trendline support, the bullish ETH price target is in the $3,350-3,900 area. By June, this would indicate an 80% increase.
A pullback from the $1,700-1,820 level, on the other hand, runs the risk of delaying the upside setup and leading to a wider market correction.
- A pullback from the $1,700-1,820 level, runs the risk of delaying the upside setup.
- In March, the amount of Ether owned by addresses with a balance of 1,000 to 10,000 ETH increased by 0.5%.
- Overall amount of Ether deposited at the official Ethereum 2.0 address surpassed 18 million ETH.
According to the most current data from Santiment, the majority of Ethereum whale cohorts have increased their ETH accumulation in recent weeks. For instance, in March, the amount of Ether owned by addresses with a balance of 1,000 to 10,000 ETH increased by 0.5%.
The network’s proof-of-stake contracts may have contributed to the development directly or indirectly by using stakes like Lido DAO (LDO). After increasing by about 3.5% in March, the overall amount of Ether deposited at the official Ethereum 2.0 address surpassed 18 million ETH.
Before Ethereum’s Shanghai and Capella upgrades on April 12, which will allow stalkers to receive ETH from the PoS smart contract, the deposits have increased. This is not currently feasible.
When it comes to Ethereum’s “fair value,” the MVRV Z-Score determines whether it is overvalued or undervalued. When the market value increases above realized value, the MVRV Z-score typically indicates a market top, while the reverse indicates market bottoms.
The same thing may transpire over the next three months because Ether’s price recoveries in the past correspond with its MVRV Z-Score bouncing from the green zone.
