The price of Ethereum (ETH-USD) stayed near $2,330. Recent market data reveals that the amount of people trying to sell their ETH coins has dropped by a massive 85%. This sudden change gives buyers a great chance to push ETH’s price higher after weeks of the market staying mostly flat.
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Analysts Identify a Rare Bottoming Shape
The price chart for Ethereum is currently forming a specific shape that often shows up right before a big price increase. Experts call this an inverse head-and-shoulders pattern. If the price can stay above the $2,309 level, it will prove that the downward trend is ending. Many analysts believe that this specific chart signal shows that sellers are finally getting tired and are ready to step aside for new buyers.
ETH Holders Increase Their Digital Stashes
While some people were worried about the price, others were busy buying more. People who have held their coins for six months to a year now own a much larger piece of the market. This group increased their share of the total supply from 18% to more than 21% in just a few weeks. When these experienced investors decide to buy more, it often indicates that they believe the price has hit its lowest point.
The most important number for Ethereum right now is $2,309. As long as the price stays above this floor, a 9% jump remains very likely. If the price moves past the $2,423 mark, it could quickly climb toward a target of $2,642. However, if the price fails to stay above the floor, it might fall back down toward $2,218. For now, the lack of new coins moving onto exchanges suggests that the path upward is clear.
At the time of writing, Ethereum’s price is sitting at $2,291.10.
