) technical charts suggest that the asset can reclaim $3,000 if buyers are able to push above the resistance between $1,900 and $2,000.Exchange balances for ETH reached a new low of 12.6%, dropping sharply in the last 30 days, according to Glassnode data. Reduced supply on exchanges is usually a bullish sign, as it means fewer tokens are readily available for selling.
Glassnode’s data shows that nearly 30% of ETH’s supply is locked in smart contracts, including decentralized finance and staking contracts, up from 25.5% at the start of 2023. The ETH/USD pair is currently facing resistance around the horizontal level of $1,906. The pair has recorded higher lows since November 2022, with the $1,900-$2,000 level acting as technical and psychological resistance levels, according to the ascending triangle pattern.of around $3,000. The targets of the bullish ascending channel pattern also coincide around these levels.The ETH/BTC pair is looking to establish support around the 2023 lows of 0.06255 in Bitcoin terms.
There is a chance that the price pulls back toward the bottom of the ascending triangle pattern on the ETH/USD pair to around $1,680.Nevertheless, on-chain movements and market indicators give the upside a higher chance over a short- to medium-term bearish trend.will also play a crucial role in maintaining Ether’s bullish momentum.
Withdrawals from exchanges surge as ETH supply in staking contracts increases. Reduced supply on exchanges and increased deposits in smart contracts are positive signs for ETH's price.
Coin Coin Latest News, Coin Coin Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Utoday_en - 🏆 295. / 63 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: Cointelegraph - 🏆 562. / 51 Read more »
Source: Utoday_en - 🏆 295. / 63 Read more »