Ethereum “Set For Further Gains,” Analyst Puts This Target

4:04 am
January 2, 2024

**Summary:**
An analysis based on on-chain data suggests that Ethereum may be poised for further gains. The analysis indicates potential support and resistance levels for the cryptocurrency. With no significant supply barriers in sight, the analyst suggests a potential rise to $2,700 or beyond for Ethereum. The percentage of long-term ETH holders has also surpassed that of Bitcoin, indicating a bullish sentiment.

**Ethereum Might be Poised for Further Gains, Analyst Suggests $2,700 Target**

An analysis based on on-chain data suggests that Ethereum could be on the verge of experiencing further gains. According to the analysis by analyst Ali, Ethereum’s support and resistance levels point towards a potential rally. The analysis, which examines the number of investors who acquired their coins at various price ranges, indicates that Ethereum may surpass the $2,700 mark. This assessment is based on the absence of significant supply barriers in the price ranges ahead.

The analysis highlights a specific range, from $2,235 to $2,302, which holds the cost basis of a significant number of coins, indicating potential support. Additionally, a robust support zone is identified between $1,958 and $2,029, housing a cost basis of over 37 million ETH, which could cushion any potential corrections. The absence of major demand walls above the current price level further reinforces the potential for a further rally.

Furthermore, data from the market intelligence platform IntoTheBlock indicates a bullish case for Ethereum, with the percentage of long-term ETH holders surpassing that of Bitcoin. The latest price of Ethereum stands at $2,316, not too far above the identified support zone.

Overall, the analysis suggests a positive outlook for Ethereum based on on-chain data, potentially leading to a rise to $2,700 or beyond.

*Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell, or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions.*

**FAQs**

**Q: What does the analysis based on on-chain data suggest about Ethereum?**
A: The analysis indicates that Ethereum may be poised for further gains, with potential support and resistance levels pointing towards a potential rally.

**Q: What specific price range and support zones are highlighted in the analysis?**
A: The analysis highlights a specific range from $2,235 to $2,302, which holds the cost basis of a significant number of coins and a robust support zone between $1,958 and $2,029, housing a cost basis of over 37 million ETH.

**Q: What does the percentage of long-term ETH holders surpassing that of Bitcoin indicate?**
A: The percentage of long-term ETH holders surpassing that of Bitcoin indicates a bullish sentiment for Ethereum.

**Q: What is the current price of Ethereum?**
A: The latest price of Ethereum stands at $2,316.

**Q: What should be considered before making any investment decisions based on this analysis?**
A: Before making any investment decisions, it’s important to conduct personal research and consider the inherent risks associated with investing.


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