Ethereum analysts see ‘further upside’ as ETH price reclaims $3.6K
Main Idea
Ethereum's price shows potential for further gains with key resistance at $4,500 and strong support levels, supported by lower selling pressure and increasing demand from ETFs.
Key Points
1. Ether's price reclaimed $3,600 after a brief drop to $3,500, with major resistance at $4,500 and support between $2,000 and $3,000.
2. The ETH/BTC exchange inflows ratio is at a five-year low, indicating lower selling pressure for ETH compared to Bitcoin, which supports further upside.
3. The ETH/BTC ETF holding ratio has increased, showing growing investor preference for ETH over Bitcoin, contributing to ETH's price outperformance.
4. Spot Ethereum ETFs have seen significant inflows, reaching $16.6 billion in assets under management, while Bitcoin ETFs experienced outflows.
5. Onchain data highlights key ETH price levels, with $4,500 as a major resistance and $3,000 as a critical support level for potential corrections.
Description
Ethereum price has more room to run, with big overhead resistance at $4,500 in place and several key support levels below.
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