Ethereum (ETH) is back in the Center for Care, since it consolidates around $ 4,640 after a strong movement of its base at $ 4,070 in early September. The second largest cryptocurrency has gained more than 13% in two weeks and is now at a surprising distance of the psychological level of $ 5,000.
At the time of writing this article, ETH is quoted at $ 4,639 with a market capitalization of $ 559.9 billion and a daily negotiation volume of $ 27.9 billion.
Supply compression combines eth optimism
One of the most significant bullish factors for Ethereum is your supply tight. Exchange reserves have fallen to 18.8 million ETH, the lowest level since 2016, and the rethinking activity has increased, with more than 36 million ETH (approximately 30% of the offer) now.
Eth leaves exchanges to the fastest pace in history!
The reserves were immersed at 17.2m eth!~ 25m in 2023
– Leon Waidmann
~ 25m in 2023
The inventory on the side of the sale is evaporating. 
(@Leonwaidmann) This reduces circulating supply, squeezes liquidity and exerts upward pressure on the price. Analysts also point out that wallets and whale institutions have accumulated in silence ETH, which increases the long -term confidence of Ethereum.
Key control from the offer side:
- Exchange reservations: 18.8m eth, lower since 2016
- More than 36 m eth prints, ~ 30% of the total supply
- The accumulation of whales supports institutional trust
Ethereum (eth/USD) Technical Perspectives: Bulls Target $ 5K
From a technical perspective, Ethereum’s pricing prediction is slightly optimistic since ETH is in an ascending channel, with a price action making higher minimums and testing the upper channel limit.
The rupture above $ 4,450 was confirmed by long green candles, a bullish wrapping pattern.
Impulse indicators are adding nuances. RSI has cooled from 69 to 60, so there is space for consolidation without weakness. A rotating lid or a doji candle could be formed here, which indicates the indecision of the market before the next movement.
- Support levels: $ 4,550 and $ 4,425 (50-SMA)
- Resistance levels: $ 4,760, $ 4,945 and $ 5,135
- Long-term floor: 200-SMA at $ 3,994
A daily closure above $ 4,760 would probably lead to $ 4,945 and then $ 5.135, the level where the previous demonstrations stagnated. The feeling remains positive, backed by foundations and technicians.
Market feeling and pricing
The equilibrium volume of Ethereum (obv) recently showed a sign of accumulation before the recent movement. The volume has increased 12.26% in 24 hours to $ 43.4 billion, confirming the impulse.
For merchants, a long ticket above $ 4,600 with stops below $ 4,425 is a good configuration. The objectives are initially $ 4,760, then $ 4,945 and then $ 5.135.
For newcomers, the summary is simple: ETH is in an upward channel, and while staying above mobile averages, probabilities are in favor of a movement at $ 5,000 and more.
With the institutional accumulation, the reduction of exchange reserves and the strong technicians align, Ethereum may be about to make a great movement.
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The prediction of the price after Ethereum: are the bulls preparing to raise the price of ETH? It appeared first in Cryptonews.
