Ethereum’s $3,650 Target Might Be Stalled by 4.45 Million ETH Wall

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With Ethereum (ETH) advancing beyond the $3,000 threshold, it encounters a significant hurdle. A robust resistance area exists between $3,170 and $3,270.

The concentration of 4.45 million ETH in over 1.63 million Ethereum addresses acts as a substantial hurdle, not merely a basic price level.

The buildup of these assets could be crucial in helping Ethereum surpass and touch the highly anticipated price point of $3,650.

In a recent tweet, cryptocurrency expert Ali drew attention to a strong resistance area for Ethereum (ETH) between $3,170 and $3,270. This zone is notable due to the large number of Ethereum holders in this price range, with over 1.63 million addresses collectively possessing around 4.45 million ETH.

Large Ethereum holders keeping their coins in this price zone suggest a possible selling point. At this juncture, numerous investors might choose to cash out, intensifying selling activity and creating resistance for the ETH price to advance further.

Ethereum faces significant opposition between the price levels of $3,170 and $3,270. Approximately 1.63 million Ethereum addresses contain a total of 4.45 million ETH within this range. Overcoming this hurdle might push Ethereum up to around $3,650.— Ali (@ali_charts) April 23, 2024

If a large number of these investors decide to sell, there’s a risk that the price will decrease. On the other hand, if these investors stay optimistic and keep holding, or if new buyers enter the market in sufficient numbers, the price could surge past the resistance point of $3,170-$3,270 and reach the next goal of $3,650. According to Ali’s tweet, surpassing the hurdle between $3,170 and $3,270 could push ETH towards $3,650.

Currently, Ethereum has increased by 1.51% in the past 24 hours to reach a price of $3,243. If the ongoing bullish trend continues, Ethereum could potentially target $3,302 before encountering the 50-day Simple Moving Average at $3,488. Subsequently, it may strive for $3,650 and attempt to surpass the $3,729 mark.

If the Ethereum price goes down instead of up from its present value, it may drop towards the $3,000 mark. This is a crucial level for buyers as failing to defend it could lead to further declines, potentially reaching $2,850.

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2024-04-23 18:52