- Ethereum’s price has surged to an 8-month high of over $1,870 today, the first time since August 17, 2022.
- Large investors, referred to as sharks, have been steadily accumulating Ethereum since last summer.
- In the past 9 months, addresses holding 100-10k $ETH have accumulated $4.24B in value, according to Santiment data.
Ethereum, the second-largest cryptocurrency by market capitalization, has reached an 8-month high, surpassing $1,870 for the first time since August 17, 2022. This significant price surge has been attributed to the steady accumulation of Ethereum by large investors, known as sharks, since last summer. The recent surge in Ethereum’s price has generated significant interest among investors, particularly among those who hold between 100-10k ETH.
According to a recent report from Santiment, addresses holding 100-10k ETH have accumulated a total of $4.24 billion in the past 9 months. This figure suggests that large investors have been actively investing in Ethereum, indicating confidence in the long-term potential of the cryptocurrency.
The recent surge in Ethereum’s price is expected to generate further interest among investors, particularly as the cryptocurrency market continues to experience significant growth.
Ethereum Price Analysis
The latest Ethereum price analysis reveals that Ethereum’s price has been on an upward trend over the past 24 hours, as the price has hit the $1,900 mark. ETH started its trading session above the $1,800 level before the bulls took control and pushed the price further up.
The bulls managed to break past the $1,850 resistance level and eventually managed to push it toward the current price of $1,911.
With today’s price surge above $1,900, Ethereum (ETH) extends its 2023 gains to almost 60%, closing the gap with Bitcoin. The bullish momentum appears to be continuing, as ETH has seen an increase in trading volume and market capitalization. As buyers continue to accumulate Ethereum, the next target area is expected to be around the $2,000 level.
ETH is currently trading at $1,911 and has seen an increase of 5.26% in the past 24 hours. The market capitalization of Ethereum currently stands at $230 billion, and the 24-hour trading volume is around $11 billion, which is an increase of 5.26% and 22.40%, respectively. The total circulating supply of ETH is 120 million tokens.
The technical analysis on the daily chart shows the bulls have managed to break past the 100-day exponential moving average (EMA), which is a bullish sign for Ethereum. The Stochastic RSI is currently at 65.71, with the indicators sloping toward the overbought level, indicating that the price is likely to continue its upward trend in the near term with a possible target of around $2,000.
The Moving Average Convergence Divergence (MACD) also shows bullish momentum as the MACD line has crossed above the signal line. The green candles have started to show their presence on the histogram, indicating that the buyers are gaining control of the market.
In conclusion, Ethereum’s price analysis suggests that the price is likely to continue its upward trend in the near term as long as the bulls remain in control. The next target area for Ethereum could be around $2,000 if the buyers can maintain their momentum. Moreover, large investors have been steadily accumulating Ethereum since last summer, which may provide a further boost to ETH prices in the long run.
Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.