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The king of altcoins, Ethereum (ETH), may be preparing for an upward movement after retesting the $2,100 level. As of the time of writing, Ethereum (ETH) is trading at the $2,200 level with a market value of $264 billion.
The Current Situation of Ethereum
Despite the current ETH price volatility, the supply of Ethereum on exchanges continues to decline. This could indicate that investors are increasingly inclined to hold onto their ETH for the long term.
On-chain data provider Santiment reported that after Ethereum’s market value slightly exceeded $2,170, a significant amount of ETH was actively transferred from large exchange wallets to smaller wallets or completely withdrawn from exchanges. Within a 24-hour period, a total of 240,000 ETH was withdrawn from these large wallets, reflecting a 2.99% decrease in the amount of coins on exchanges.
Famous crypto analyst Michael van de Poppe mentioned a general strength increase in altcoins, but noted that this may not necessarily indicate a definitive movement. He stated that Ethereum (ETH) is currently weak in showing strength, but this could change in the coming weeks.
Van de Poppe also mentioned the possibility of a cash flow from Bitcoin to Ethereum, which could empower altcoins in the first quarter of 2024.
ETH Price Movement
On Tuesday, Ethereum made an early move for a rally amidst ongoing market volatility. During this time, the $2,100 level was again a notable point. Historically, the $2,100 level has always been an important support.
The level that served as a resistance point in the past is now being tested as support. In the event of a price retracement, this area is expected to provide support to investors.
On the other hand, traders are predicting the $2,500 level as a potential target. Traders aiming to drive Ethereum to this point are expected to exert pressure to increase the price.
Moreover, surpassing the $2,500 level could set the next target at $2,700, becoming a focal point for investors. However, a breakdown below the 50-Day EMA could mark the beginning of negative trends for Ethereum.
Finally, unexpected increases in ETH price could occur in 2024 with the anticipated approval of ETFs. Daily Altcoin recently commented on the subject, suggesting that the price could rise to as much as $10,000 and provided reasons for this prediction.
