The Ethereum Prize has subsided – repeatedly failed to break the resistance zone about $ 2,800 – in recent weeks after making a strong start in May. The second largest cryptocurrency will strive for replicate this brilliant form During the first days of June to recover the coveted level of $ 3,000 in the coming months.
Since they lost the $ 3,000 level in early February, the price of ETH has struggled to build a long -term haisse -like momentum and reached only over $ 2,700 several times in recent weeks. However, new market data shows that the Ethereum price can prepare for an extended rally in the coming months.
What do ether valleys know?
In a May 31 on the social media platform X, pseudonyma crypto analyst Darkfost provided A prospect on the chain at Ethereum Price Momentum and the feeling of investors. According to the market analyst, a signal on the chain that preceded a significant price for ETH had previously gone off.
The relevant indicator here is Ethereum’s average order size at Binance, which is calculated by dividing the total trade volume with the number of business on the world’s largest Cryptocurrency exchange (after trade volume). This metric offers Insights in the classes of the classes – whether it is large institutional investors or retailers – which is most dominant on a specific exchange.
Based on this on chainmetrics, Ethereum is great investors again in the market, as shown by Whale Order on Binance since May 19. Darkfost said that the diagram below provides “an immediate snapshot of Ethereum’s feeling and speed On Binance, while combining important market data on spot and futures activity, cumulative volumes, with variable average comparison. “
Source: @Darkfost_Coc on X
The analyst on the chain added:
In short, it’s an all-in-one signal, and today it blinks somewhat rare and powerful for Last time this indicator was lit like this was in December 2023, just before ETH shaved from $ 2,200 to $ 4,000.
Darkfost also mentioned that whales do not always try to find a low entrance place, but rather position themselves early when a broader trend begins to show signs of strength. With the average orders on binance primarily placed by whales, this means that Ethereum price can be gear Up for another 80% movement in the coming weeks.
Therefore, Darkfost believes that May may have been a huge entrance window, which most of the major investors seem to use.
Ethereum price
From this writing, the price of Ethereum amounts to approximately $ 2,537, which reflects an increase of 0.5% over the past 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
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