Ethereum Bulls Face No Resistance until $750
The In/Out of the Money Around Price (IOMAP) chart, as per an FXStreet report, shows that the ETH/USD pair faces no resistance until the $750 level. It is the first buy target, a resting point before bulls climb to $1k, a 65 percent rise from spot rates. As per trackers, ETH holders are bullish and the result has seen trading volumes rise to $12.7 billion in the last day.
Several fundamentals support ETH bulls. According to on-chain data, the number of whales holding between 10k and 100k coins has risen by 58 since Nov 11 revealing that most high net-worth investors are not interested in shorting for smaller gains. Meanwhile, the Eth2 validators continue to stake, extracting supply from Eth1, therefore helping buyers who are overly bullish, and expecting prices to rally to $1k in the medium term. Another statement from Grayscale also shows increasing demand for ETH products. In Q3 2020, their ETHE fund saw investors pour $202 million.
Impact on the ETH Price:
Bullish. The path of least resistance is northwards. BTC and ETH are positively correlated. With BTC at a new all-time high, ETH may present an opportunity for traders searching for value in an asset that institutions are heavily invested in.
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