Despite Bitcoin’s 0.02 percent decline, the market has experienced generally upward momentum over the last 24 hours. With a 0.74 percent gain, Ethereum began pushing higher, while the rest of the leading cryptocurrencies performed even better.
ETH Price Action
The price of Ethereum might form a double top pattern if it continues to rise. The bulls are currently battling psychological barriers at $3,000 to break through. The cryptocurrency market has been positively associated with the US stock market for the past seven days.
The price of ETH/USD fluctuated between $2,933.31 and $3,036.75. Indicating mild volatility during the last 24 hours. Trading volume has decreased by 18.79 percent to $14.4 billion, resulting in a dominance of 18.75 percent over the overall market cap of $364.65 billion.
The price of Ethereum has risen significantly in the second half of March. From a low of $2,500, ETH/USD has risen almost 22% to its current high of $3,040.
The Ethereum price should see a rapid move higher after the previous swing high of $3,040 is broken, as there is no more resistance as far as the $3,200 mark. Furthermore, once the high is breached, the general medium-term price structure will turn bullish after several months of decrease.
Ethereum Indicates Accumulation Pattern
Despite the volatility of ETH, the average Coin Age of ETH continues to climb consistently, showing an accumulation trend, according to statistics given by Santiment. The average age of all coins/tokens on the blockchain, weighted by the purchase price, is known as Mean Coin Dollar Age. The Long-Term Holders’ fraction can be estimated using this indicator.
This could also mean that despite the cryptocurrency’s poor performance, huge Ethereum addresses are still gathering funds on the market.
According to IntoTheBlock data, Ethereum is seeing one of the greatest exchange outflows, with about 151,000 taken from exchanges on March 23. On-chain analytics discovered that ETH deposits on centralised exchanges were significantly declining in 2022, totaling about 1.08 million.
As the Ethereum community prepares for the integration of the Ethereum mainnet with the proof-of-stake Beacon Chain, bulls hope to break through a significant barrier at $3,000. Ethereum engineers successfully tested the long-awaited Eth 2.0, a long-awaited merger of the programmable blockchain’s proof-of-work and proof-of-stake chains.
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Source: https://coinpedia.org/ethereum/ethereum-enters-accumulation-zone-this-is-what-traders-can-expect-next/