Ethereum (ETH) has surged past the $1,900 mark, registering a 5% increase over the past day. This upward momentum suggests a potential rally towards the $2,400 level.

Key Highlights

  • Price Movement: ETH reached a 24-hour high of $1,916, indicating strong bullish sentiment.

  • Technical Indicators: The price has surpassed the 50-day EMA at $1,853, breaking a long-standing resistance zone.

  • Fibonacci Levels: The 23.60% Fibonacci retracement level sets an immediate target near $2,000, with subsequent targets at $2,108 and $2,426.

  • MACD Analysis: Positive MACD and signal lines suggest increasing bullish momentum.

On-Chain Metrics

  • In/Out of the Money Indicator: Ethereum has moved beyond the $1,858 zone, with a new in-the-money zone between $1,779 and $1,858, encompassing 7.65 million ETH held by 7.35 million investors.

  • Investor Distribution: In the at-the-money zone ($1,858 to $2,039), 8.14 million investors hold 5.76 million ETH at an average cost of $1,927.

  • Potential Resistance: The next out-of-the-money zone, up to $2,492, contains 69.61 million ETH owned by 12.72 million investors, which could pose resistance to further price increases.

Final Thoughts

Ethereum's recent price action and on-chain data indicate a strong bullish trend. If the momentum continues, ETH could test the $2,400 level shortly. However, investors should remain cautious of potential resistance zones and market volatility.

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📢Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your research before making investment decisions.