Ethereum’s [ETH] price might touch $450 before any significant rally, but…

Ethereum’s [ETH] price might touch $450 before any significant rally, but...

price might touch $450 before any significant rally in price takes place. Ghoddusifar found that the leading alt has moved in a parallel channel since 2017.According to the analyst, this channel has historically helped determine ETH’s price tops and bottoms. If the theory holds, Ghoddusifar opined that the next target area for ETH’s price would be the $450 region. This price position acted as support for the coin in 2017, 2019, and 2020.

For example, ETH’s exchange reserve has declined by 21% since the merge. On 15 September, this stood at 24.39 million. As of this writing, ETH’s exchange reserve was 19.24 million.Conversely, as the amount of ETH held on exchanges falls, the alt’s supply outside of exchanges continues to rise. A spike in an asset’s supply outside exchanges is typically taken as an accumulation trend.showed. Since the merge, this has risen gradually by 4%.

Continued accumulation is evidence of persisting conviction amongst ETH holders. As long as macro factors allow it, ETH accumulation growth at this momentum can help drive up its price.For the price rally to, however, happen, long-held/dormant ETH coins have to change hands. A look at ETH’s Mean Coin Age and Mean Dollar Invested Age showed that both metrics embarked on an uptrend following the merge. This indicated that the location of where the ETH investments lie became increasingly dormant.

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