The post Ethereum Realized Price Bands Show Potential For Short-Term Uptrend appeared on BitcoinEthereumNews.com.

Ethereum showed patterns of growth, aligning closely with the realized price bands. Ethereum’s price peaked during the 2021 bull run, reaching levels around the upper band of $5.2k. This historical peak mirrored, where Ethereum briefly touched this upper band again in the recent period. This indicates a strong potential for growth if market conditions remain favorable. The actual price of Ethereum was noted at $3.8k. It resided between the upper band and the realized price of $2.3k, which acted as a psychological midpoint for traders. Ethereum Realized Price Bands | Source: CryptoQuant The divergence between the realized price and the market price suggested that Ethereum was undervalued. Or at least not fully valued at its potential peak. As the market dynamics of supply and demand strengthened, Ethereum’s price could have escalated towards or even above the $5k mark. This movement would not only align with previous price behaviors but also affirm Ethereum’s ability to sustain high valuation levels amidst varying market sentiments. – Advertisement – This potential for upward movement was also supported by a stable base above the lower realized price band of $1.1k. This suggested a strong foundational support level for ETH’s market valuation. Ethereum Price Short Liquidation Levels Further analysis showed Ethereum saw short liquidation as it surged into key liquidity levels. Initially consolidating around $3949.89, Ethereum price showed resilience despite a volatility. ETH broke through the resistance zone near $4037.58 with a sharp increase in trading volume and a corresponding rise in price, suggesting a strong buying interest. During this period, the bid and ask ratio skewed. This shows a higher supply in the spot orderbook, which could typically pressure prices downward. However, Ethereum price maintained the rally, efficiently absorbing the sell-side pressure. This coincided with the liquidation of short positions, indicating a high concentration of…

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Filed under: News - @ December 15, 2024 3:10 pm