Ethereum reached $4,100 early on March 12 but the profit-taking of long-term owners threatens the rise.
The Ethereum price has reached a brick-wall at $4,100 after a 73% surge in the past 30 days. Will the bulls be able to regroup and make another bold attempt at $4,500 or will they give up? ETH Price surrender $4,000 in support
In the last 24 hour, long-term investors have bought and sold 167.500 Ethereum
Bitcoin is not the same as BitcoinBTCEthereum, which is now in the discovery phase of its price, still has about 22 % to go before it reaches its global high point of $4,878. Ethereum faces major historical accumulations and resistance.
ETH prices retraced 2%, from $4,100, to $3.967, in the first hours of the 12th March. The data on the blockchain shows that long-term traders who were holding at an average since 2021 have increased their trading.
Santiment’s chart shows how many coins were recently moved that previously had not been traded for 3 years or longer. The chart can be used to track impending sales amongst long-term investors.
The long-term investor community has moved over $1 billion in the past 24 hours. Valued at $4,020 per ETH, they have shifted 167.500 ETH which had been dormant for 2021.
It is clear that profit-taking will be imminent when long-held coins start to move as prices near a significant resistance area.
Ethereum price forecast: ETH may struggle to stay above $3.900
Ethereum could find it difficult to maintain its bullish momentum as over $1 billion in ETH has been pumped into the market within the last 24 hour. The bears may try to push the price down towards $3,900.
According to data pulled out of IntoTheBlock.com, the profit-taking frenzy amongst the 1,34,000,000 addresses who have purchased over 469 540 ETH for an average of $4,100 may shift momentum toward the bears.
This scenario could see the price of ETH drop to $3,900.
If the market’s demand grows high enough, it can absorb $1 billion in ETH. On the plus side, the bull will be able to hold onto the $4,000 level and try again for $4,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: crypto.news