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Cryptocurrency News Articles

Ethereum (ETH) Showing Signs of Resilient Market Activity, Targeting $5000 Spot

Dec 14, 2024 at 01:25 pm

Ethereum ($ETH) is showing significant signs of resilient market activity, with the potential to break through the $5,000 spot with the strengthening supply and demand dynamics.

Ethereum (ETH) Showing Signs of Resilient Market Activity, Targeting $5000 Spot

CryptoQuant data shows Ethereum ($ETH) is presenting strong signs of resilient market activity, potentially breaking through the $5,000 spot with strengthening supply and demand dynamics. The upper band of Ethereum’s realized price is at $5.2K, which aligns with the top levels seen during the 2021 bull run, indicating a bullish crypto outlook.

The chart of realized price bands, a valuable tool to analyze the long-term $ETH holders, positions Ethereum at $5.2K in the upper band. Meanwhile, the lower band of the price accounts for $1.1K. Additionally, the present price of the crypto token is nearly $3.8K. In contrast, the realized price of the renowned crypto token is around $2.3K. These respective metrics point toward Ethereum’s status within the realized price array, which serves as a key indicator of its market valuation.

The upper band of the realized price presents a technical resistance level at $5.2K, a level last seen in 2021. According to the CryptoQuant analysis, should the current market momentum continue, Ethereum’s price movement could exceed this threshold. The 2024 price rally has already seen Ethereum surging steadily, with increasing confidence among institutional and long-term holders.

At the present, the market price of $3.8K shows Ethereum positioned above the realized price level of up to $2.3K. This favorable position aligns with the resilient market sentiment and renewed interest, particularly with the advancements in NFTs, DeFi, and L2 solutions. The supply distribution of the token also plays a crucial role in its market stability.

Meanwhile, Ethereum’s cumulative supply has touched the peak point of 120.44M since April last year. Furthermore, the cumulative transactions have been ranging between 6.5M and 7.5M throughout 2024, compared to 5.0M in 2023. Additionally, the cumulative regular contract calls have spiked toward 6 to 7M during 2024, displaying a clear margin from 2023’s 5.0M.

These statistics indicate a shifting investor demand for Ethereum, as noted by the CryptoQuant analysis. Notably, contributing to this surge, the holdings of the spot ETFs have touched a record high of approximately 3.41M $ETH. These overall growing statistics highlight Ethereum’s solid potential for future growth.

News source:fxdailyreport.com

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