Ethereum Ends 3-Month Decline Against Bitcoin as Supply Reaches Lowest Level in a Decade
Ethereum's Recent Rally: Ethereum has surged over 12% this week, breaking a three-month losing streak against Bitcoin and surpassing the $3,300 mark for the first time since mid-November, driven by a significant drop in exchange supply.
Supply Dynamics and Market Sentiment: Centralized exchanges now hold only 8.7% of circulating ETH, the lowest since Ethereum's launch, with most of the supply moving into staking and private wallets, indicating long-term holding sentiment among investors.
Catalysts for Growth: The recent Fusaka upgrade has improved Ethereum's scalability, while the potential for Ethereum staking ETFs is gaining traction, enhancing institutional interest and market activity, as evidenced by a 10% increase in active addresses.
Future Outlook and Risks: Analysts suggest potential price targets for Ethereum between $3,710 and $3,900, but caution that a drop below $2,610 could signal a bearish trend; the need for consistent institutional flows and favorable macro conditions remains critical for sustaining any rally.
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Technical Analysis for
Technical Sentiment Analysis for () As of , () is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
() Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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