Ethereum Price on Recovery Mode as Bulls Start Dominating

• ETH is consolidating between $1,420 and $1,200, showing positive momentum.
• Despite the recent drop in ETH prices, the vast majority of holders are still profitable.

The price of Ethereum has seen gains on Tuesday, suggesting a healthy return. In the last 24 hours, the price of Ethereum has taken an unexpected turn, much to the delight of bulls. However, bears seem to be sluggish and reactive, which might result in a sharp increase for ETH owners.

Despite its fluctuating price, Ethereum is one of the cryptocurrencies that has garnered widespread support from the crypto community. Even though the Ethereum Merge is now complete, the digital asset has underperformed. Since its peak in mid-2017, the price of ether (ETH) has steadily declined, causing it to fall to the low $1,000s. Despite this, ETH is consolidating between $1,420 and $1,200, showing positive momentum.

Key $1400 Barrier

It’s interesting to see how Ethereum’s graph parallels data from September of 2021. This occurred at the bull market’s height, just before ETH’s record high of more than $4,900. After three straight down days, the digital asset finally ended on a positive note. The cryptocurrency then had a run of weekly gains of 48% over the next two months.

If Ethereum continues moving higher this week and breaks past the $1,400 barrier level, the price of ETH might rise to $1,800 during the next two months before slowing down.

Despite the recent drop in ETH prices, the vast majority of holders are still profitable. The majority of these 53% of holders who have kept their coins for over a year are still in the green. Exchange inflows reached $4.49 billion during the previous seven days, compared to outflows of $4.44 billion, indicating that profit-taking remains strong.

Recommended For You:

Post Ethereum Merge New Blocks Creation Rate Surges