The price of Ethereum has surpassed the $1500 level in the last 24 hours, surpassing its previous high and reaching a price level it has not touched in over two months. On-Chain metrics indicate that ETH accumulation is increasing.
ETH price increase. Source: Screenshot taken from Coinmarketcap.com.
This surge led the ETH to post a gain of nearly 7% (at the time of writing), outperforming BTC in terms of gains over the past 24 hours, a move that has driven Ethereum prices to a nine-week high.
Gains registered by ETH. Source: screenshot taken from Coinmarketcap.com.
This price is the highest ETH has reached since November last year, when it suffered a 26% plunge in value, and at the time of this writing was trading at approximately $1550, a price level that served as support in the October to November 2022 market cycle.
ETH daily price chart. Source: screenshot taken from Tradingview.com.
According to the analysis platform Santiment, it seems that during these last two months there has been a lot of accumulation, in a tweet published this January 11 he made special reference to the appearance of 3000 new shark addresses, referring to wallets that store between 100 and 10000 ETH, which although they are not whales, together with these can influence the price of an asset due to their large capital. Further noting in its publication, that this is the highest level recorded since February 2021.
Screenshot taken from the Santiment platform's Twitter feed.
For this momentum to continue, the resistance around this price level must be broken, and reach the next important level around $1650, a level that has not been reached since last November, but it must be considered that prices have built a solid support around $1200.
What is certain is that Ethereum has gained good momentum and seems to be making good progress this 2023, leaving gains of about 22% in the last 7 days. Perhaps Ethereum's upcoming Shanghai upgrade scheduled for March could be part of this boost the price has received, as according to some considerations, this upgrade will boost demand for participation, reducing the circulating supply of ETH, and investors seem to be taking that consideration into account.
Let's hope that Ethereum, the second largest asset in the cryptocurrency market, maintains its momentum towards $1600, and that it doesn't breach estimates too soon so as not to see a major pullback in price.
This beginning of the year we can see an increase in the total market capitalization of cryptocurrencies, let's hope that this bullish sentiment that has led some coins, including ETH, spreads to the rest of the market.
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