ETH is testing the support level, an upward movement will form?

Last week, the price of Ethereum tested the $1,086 mark for the second time this month, and although there was no further decline, the ETH/USDT was below the $1,200 support zone for almost the entire week. Only by the end of the week, ETH was able to rise slightly above the support level and the weekly maximum was recorded on Saturday near the $1,242 mark. But the ETH/USDT pair has not yet succeeded in finally gaining a threshold above the level, since today the price has again fallen to $1,200.

 

According to experts from Santiment, a serious accumulation of Ethereum (ETH) cryptocurrency assets has been recorded in recent days. This happened against the backdrop of a significant decline in digital currency quotes. The most active were wallet addresses with balances ranging from 100 to 100,000 ETH. Analysts assured that this could be a prerequisite for the growth of the ether rate by 50% over the next few weeks.


Over the past three weeks, large virtual currency holders have purchased nearly 1.9% of the total supply of ETH coins circulating on the market, according to an online metric. The specialists noted that similar activity was observed in the fall of 2020, when whales accumulated 2.1% of Ethereum supply over the same time period.


Looking at the historical data of the price chart, it can be noted that at that time the value of ETH gained approximately 50% over the next five weeks. If history repeats itself, then by the beginning of 2023, ether quotes will show significant growth.

 

As for the technical analysis, Ethereum may continue to grow in the next few days. On the daily chart, we can see two breakouts of the support level, which are reminiscent of a "double bottom" pattern, indicating a Bullish signal. It's also a slight Bullish divergence between the price chart and the RSI indicator. Another sign of possible growth is the intersection of the signal lines of the MACD indicator from the bottom up. This is certainly not a reversal, but a slight upward price jump is quite likely. The next target will be $1,250 - $1,300.


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