Ethereum (ETH) has recently experienced a 2.39% increase in value over the past 24 hours, indicating a strengthening demand side for the altcoin. After recovering from a market crash, Ethereum has been trading in an ascending pattern, with the current price at $1610. This upward trend follows a previous decline of 10.99% on weekly charts and 14.79% on monthly charts. Analysts are optimistic about a sustained uptrend, with predictions of a potential rally to $1,810.
One key factor contributing to this positive outlook is Ethereum’s strengthening demand side. The Exchange Netflow for Ethereum has turned negative, indicating that investors are accumulating the altcoin. Additionally, there is a positive order imbalance, showing that more buy orders are being executed than sell orders. The decrease in transfers of Ethereum by large holders to exchanges further supports the idea of rising demand. As a result, whales and retail investors are both buying more of the altcoin and taking long positions.
The increasing demand for Ethereum is reflected in the Aggregated Funding Rate, which has turned positive, indicating a higher demand for long positions. This surge in demand is likely to drive up prices further, potentially leading to ETH reclaiming $1758 and moving towards $1800. However, if bulls fail in their attempt to push the price higher, there could be a correction with Ethereum retracing to $1465. Overall, the current market dynamics suggest that Ethereum is well-positioned for sustained gains in the near future.
In conclusion, Ethereum has experienced a recent increase in value and is displaying signs of a strengthening demand side. Analysts are predicting a potential rally to $1,810, driven by positive market indicators such as the Exchange Netflow turning negative and a positive order imbalance. With whales and retail investors buying more of the altcoin and taking long positions, Ethereum is likely to see further price increases in the coming days. If this trend continues, ETH could reclaim $1758 and move towards $1800, solidifying its position as a strong investment option in the crypto market.
