Despite the recent decline in Ethereum (ETH) price, TinTucBitcoin’s chart shows that investors are still hoping for a new recovery. Currently, the ETH price is $3,130, down from its recent peak of $3,434 on November 12.
However, investors remain steadfast in their belief that the decline of Cryptocurrencies is only temporary. Below are possible developments based on current sentiment.
Ethereum Investors Decide Not to Sell
According to data from Glassnode, the amount of Ethereum deposited into exchanges is 249,245. The amount transferred to the exchange is the total number of coins deposited into the exchanges in a period of time. When this number increases, it implies that more Holders are willing to sell, which could be a negative signal for this Cryptocurrency.
On the contrary, if the amount transferred in decreases, this shows that investors are withdrawing their assets from the exchange. For ETH, the current value is around $780 million, down from Friday, November 15.
This is a sign that the majority of ETH holders have no intention of selling. If this situation persists, this Cryptocurrency may not drop below $3,000 in the short term.
Data from IntoTheBlock shows that bullish investors are working to maintain ETH price. This is demonstrated by the Bulls and Bears indicator, which tracks the buying or selling activity of those trading at least 1% of Cryptocurrency volume.
When the indicator shows a higher number of optimistic investors, this implies that they are mainly buyers. On the contrary, many investors are pessimistic which means selling activity increases.
Over the past 24 hours, the number of Ethereum bullish investors has outnumbered the number of sellers, suggesting that ETH price could surpass $3,130 in the short term.
ETH Price Prediction: Lots of Support for the Uptrend
On the data series front, the In/Out of Money Around Price (IOMAP) indicator reinforces the view that ETH price could move higher. The IOMAP indicator helps traders identify key price levels where significant buying or selling activity is likely to occur based on user positions and profits.
It also highlights areas of support and resistance, depending on volume at a price level. Usually, the greater the volume, the stronger the support or resistance.
In the image below, approximately 3 million addresses accumulated Ethereum at the price of 3,075 USD, holding a total of 3.56 million ETH. These addresses are “in the money,” meaning they are currently profitable based on current market prices.
This cluster shows strong support at $3,075, as holders at this level could resist selling at nearly every other level from $3,251 to $3,591. With this situation, Ethereum price is likely to rise to $3,600.
However, if selling pressure increases, this may not happen. In that case, ETH value could fall below $3,000.