Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
- ETH extended its bullish rally past the $1,800 price level.
- Supply on the stock exchanges continued to decline, underscoring the strong buying pressure.
Ethereum [ETH] Bitcoin followed [BTC] in registering significant gains in the past week. ETH’s bullish rally from the $1,550 support level extended its gains to 20%, with the price trading above the critical $1,800 price level.
Read Ethereum [ETH] Price forecast 2023-24
This exceeded the $1,700 target that AMBCrypto had predicted on October 23, based on the accumulation of ETH whales. Now that the $1,800 price level has turned to support, bulls could look for a new price milestone at $1,900.
ETH bulls overwhelmed sellers with multiple price hurdles
Source: ETH/USDT on trading view
After the bulls recovered from the USD 1,550 support and turned around the USD 1,619 resistance, the main price hurdles for the bullish rally were identified at USD 1,680 and USD 1,745 respectively.
However, the bulls cleared both price hurdles with a single bullish candle in the 12-hour time frame. This highlighted the strong buying pressure, as evidenced by the RSI (Relative Strength Index) value of 74.
Moreover, the increase in OBV (On Balance Volume) accelerated the bullish move past a strong bearish price zone at $1,800. Despite the pullback to the level on October 24, the bulls successfully turned the level to support over the past 12 hours with a candle just above it.
As such, bulls can target further gains with the $1,900 price level achievable in the long term, especially if BTC extends its bullish run past $35,000.
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Supply on the stock exchanges fell while long-term gains were reflected in profits
Source: Santiment
A look at the 90d market value to realized value (MVRV) ratio showed that long-term (3 months+) ETH holders were sitting on 9.2% of unrealized gains at the current price. With the potential for more profits, investors could be encouraged to hold their positions.
In addition, supply on the exchanges continued to decline, indicating easing selling pressure. This could be an added benefit for bulls heading towards $1,900.
