The cryptocurrency market saw a small drop during Wednesday’s U.S. business hours as Bitcoin’s price fell below $108k. The price of Ethereum couldn’t stay above $4000 because the altcoin market’s bearish trend sped up. Long-term holders, conversely, don’t seem to care and are steadily adding to their ETH stocks to show that. At the moment, the price of ETH is $3,877, down 0.42% from yesterday. The asset’s market value is $467.2 billion, and $34.8 billion worth of trades happen every 24 hours.
ETH Holders Hint at Price Surge
A large price surge, like those seen in previous bull cycles, may be on the horizon, according to ETH’s long-term holders. According to statistics recorded on the blockchain, the price of Ethereum experienced a meteoric rise when long-term holders became extremely greedy over the previous two bull cycles. This data points to the market being in the belief phase just now.
Ethereum’s next big move is probably still a ways off. According to data published by IntoTheBlock, long-term Ethereum owners have steadily increased their overall balance over the past year, lending credence to this optimism. The data demonstrates that these investors consistently accumulate ETH and are loyal believers. They own roughly 110 million ETH.
Ethereum Struggles at $4K
According to ETH’s long-term holders, a large price surge may be on the horizon, like those seen in previous bull cycles. According to statistics recorded on the blockchain, the price of Ethereum stumbles experienced a meteoric rise when long-term holders became extremely greedy during the last two bull cycles. This data points to the market being in the belief phase just now.
Ethereum’s next big move is probably still a ways off. According to data published by IntoTheBlock, long-term Ethereum owners have steadily increased their overall balance over the past year, lending credence to this optimism. The data demonstrates that these investors consistently accumulate ETH and are loyal believers. They own roughly 110 million ETH.
Summary
Ethereum is struggling to crack the $4,000 mark due to selling pressure. However, on-chain data shows that long-term holders are actively collecting ETH, which might mean a surge is on the horizon. At $3,877, Ethereum is trading above the crucial $3,500 support level. If it can surpass $4,000, Ethereum stumbles value might reach new heights. A negative reversal from $4,000 might lead to a 10% loss; $3,500 is an important support level.
