Ethereum price up 30% from last week’s lows, addresses over 0.1 ETH reach new ATH

Ethereum price has risen to $2,800, which is the next major major resistance level. The price of Ethereum is up 30 percent from its low of $2,160 just a week ago.

Ethereum price targets $3k

In the past five days, ETH has closed in the green and has hit the key resistance level of $2,805. (20-day moving average line). The price is currently stabilizing slightly below this critical level, preparing for another attempt to move above it if bullish sentiment continues.

If successful, ETH would be well on its way to hitting $3,000 in no time. On the downside, the USD 2,550 support level has held up well after yesterday’s retest (confirmed as support).

ETH/USD to retest $3k. Source: Trading Display

As the indicators have turned bullish, ETH is well positioned to break the key USD 2,800 resistance level. ETH currently has a bullish bias. The critical resistance levels of $2800 and $3000 will set price movement for the rest of the week, so investors should keep an eye on them.

@Tradinghubba cryptocurrency trader tweeted an ETH chart, suggesting that another downward move is likely to complete the correction.

Source: Twitter

Since the May 2021 high, the trend appears to be in the form of an ABC correction structure. It has a perfect 1:1 ratio between wave A and C, which is common with such corrections. In addition, the entire movement is contained in an ascending parallel channel, which means that the bottom has been reached.

However, buyers should be patient until the breakout is verified by a successful retest of the resistance as support.

Related article | TA: Ethereum Rallies 10%: Why More Profits Seems Possible

Wallets up more than 0.1 ETH

The number of addresses on the Ethereum blockchain with a balance of more than 0.1 ETH has just hit an all-time high, according to the Glassnode analytics. This number has now risen to almost 6,823 million.

ETH addresses with a balance of 0.1+ coins. Source: glass node

In recent years, the Ethereum network has grown at a breakneck pace. The growth of the decentralized financial segments was largely responsible for this. Originally based on the Ethereum blockchain, DeFi and non-fungible NFT coins.

Ethereum’s hash rate recently surpassed 1.1 PH/s, reaching a new all-time high. This comes as the network gets closer to using a proof-of-stake method.

However, in the past two years, it has not been all good news for Ethereum. For many users, gas charges have become a major issue as they cannot afford to carry out transactions that would lead to hundreds of dollars in fines.

With the ETH 2.0 version, Ethereum is moving to PoS, although developers are considering changing the name. This is to avoid confusion for new users, where the ‘consensus layer’ is the replacement name being considered. It is expected that with a new update underway, more users will jump on the blockchain.

Related article | TA: Ethereum Remains Strong at $2.5K: Indicators Show Fresh Rise

Featured image from Pixabay, chart from and Glassnode

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