Finally, Ethereum fans argument or you can say the obsession with the asset. And our previous ETH price analysis articles are proving it right. ETH is likely to surpass bitcoin in the very near future, as the coin is superior when it comes to innovation and developer interest.
Lark Davis, a popular crypto investor who educates people about crypto to grow their wealth. He recently shared interesting statistical data. The data indicates the purchase of over 11.7 million Ethereum in between $3120 and $3226. According to him, this is going to be the epic zone of price support.
A huge chunk of ETH is being bought within this range which signifies the confidence among the traders on the upcoming uptrend. Moreover, this range as said by the analyst is going to be a strong support zone. As the holders tend to hold without liquidating, a decent uptrend can be seen in the coming days.
On the other hand, if 50 to 60% of investors start selling off their assets at certain zones like above $3800 or at the ATH, then the possibility of a pullback arises. However, considering the previous price movements, a steep drop does not reflect within the ETH price rally.
Analyzing the chart, the price is currently trading at $3764.33 USD with a market cap of $4,41,74,82,80,284 USD at the press time. The ETH price rose by 8.98% in the last 24 hours. The price followed a parallel channel and broke at a $3250 resistance level. However, the fresh surge showcased the formation of a bull flag and as an outcome, a massive leg up could be fast approaching.
With rising bullish sentiments the Ethereum price could hit $4000 in the next two days. If it finds support there, be ready to witness an era of Ethereum! As the ATH of the ETH price at $4400 will not be much distinct.