ETH price heads towards $3K as ETH balances on exchanges drop to ATL

Tap Chi BitcoinPublicado a 2023-06-25Actualizado a 2023-06-25

Resumen

Bitcoin’s price action and the bulls’ ability to hold $30,000 will also play an important role in maintaining Ether’s momentum.

On-Chain movements show bullish pressure building around Ether (ETH) as its exchange balance hits ATL and Staking deposits continue to grow.

The technical chart shows that Ether (ETH) could rally to $3,000 if buyers can break through the resistance between $1,900 and $2,000.

ETH balances on exchanges hit a new low of 12.6%, a sharp drop over the past 30 days, according to Glassnode data. A decrease in supply on exchanges is usually a bullish sign, as it means there are fewer Token available for sale.

Supply Percentage of ETH on Cryptocurrency Exchanges | Source: Glassnode

Net deposits and withdrawals from exchanges showed a sharp increase in Coin withdrawals in early June amid regulatory crackdowns on Binance and Coinbase.

The data is considered unimportant, as the withdrawals are caused by investors panicking over the potential collapse of centralized exchanges.

However, the level of withdrawals and the bullish action show similarities to the November 2022 levels, when the ETH price increased rapidly by more than 33%.

Net ETH deposits and withdrawals from exchanges | Source: Glassnode

At the same time, the supply of ETH locked in Staking contracts has increased dramatically since the Shapella upgrade in April. Currently, over 23 million ETH is deposited in Staking contracts, representing 19.1% of its total supply.

Glassnode data shows that nearly 30% of the ETH supply is locked in smart contracts, including decentralized finance (DeFi) and Staking contracts, up from 25.5% in early 2023.

Increased Coin from exchanges and smart contract deposits is a positive for ETH price, as it reduces the supply of Liquidation.

Ether price broke out above the 50-day moving average at $1,823, creating a bullish breakout.

The ETH/USD pair is currently facing resistance around the horizontal level of $1,906. The pair has been making a higher Dip since November 2022, with $1,900-$2,000 acting as technical and psychological resistance, following an ascending triangle pattern.

A breakout above $2,000 could quickly push ETH towards a 2022 break of around $3,000. The target of the ascending channel pattern also coincides with this level.

ETH/USDT Daily Chart | Source: TradingView

The ETH/BTC pair is looking to establish support around the 2023 low of 0.06255 BTC. If sellers push the price below this level, the downside target is 0.05689 BTC.

However, the relative strength index is showing an oversold reading for the ETH/BTC pair, suggesting a pullback is likely.

ETH/BTC Daily Chart | Source: TradingView

ETH's funding rate has risen to a monthly high, acting as a warning sign for late buyers.

Traders pay fees for their long or short positions, depending on the demand for the asset. When demand for buy orders exceeds demand for sell orders, Longing orders become more expensive, causing traders to buy to pay traders to sell.

It is likely that the price will return to the Dip of the ascending triangle pattern on the ETH/USD pair around $1,680.

Funding rate of ETH perpetual swap contracts | Source: CoinGlass

However, On-Chain movements and market indicators present a higher upside opportunity for the medium-term trend.

Bitcoin’s price action and the bulls’ ability to hold $30,000 will also play an important role in maintaining Ether’s momentum.

Lecturas Relacionadas

Solstice and Tensorx to Buy $1 Billion in AI Infrastructure to Support EU Sovereign AI Demand

Solstice and TensorX have announced a partnership to finance up to $1 billion in European sovereign AI infrastructure, including AI hardware and data-center build-out to meet EU demand for localized compute. TensorX operates a fleet of NVIDIA GPUs in EU data centers with strict data residency. Solstice, an onchain settlement protocol, will provide the financing and launch a new yield-bearing asset called aiUSX. This asset allows companies to deploy capital earmarked for future AI inference costs into infrastructure lending, generating yield while keeping funds liquid. Initially capped at $5 million, aiUSX aims to help companies offset rising AI expenses. Both companies are part of the Deus X Capital ecosystem.

TheNewsCryptoHace 41 min(s)

Solstice and Tensorx to Buy $1 Billion in AI Infrastructure to Support EU Sovereign AI Demand

TheNewsCryptoHace 41 min(s)

AAVE price jumps 15% – Can $40.69M in protocol fees sustain the breakout?

AAVE price jumped over 15%, breaking a key resistance level after weeks of consolidation. The rally coincides with strong protocol fundamentals, as Aave generated over $40.69M in fees in the past 30 days, capturing more than 50% of the decentralized lending sector's fees. Network activity is growing, with USDT deposits on its Ethereum Core market nearing $3 billion, indicating deeper liquidity. Whale accumulation at current prices and a bullish long-term price forecast from Standard Chartered have also boosted optimism. The key challenge is whether buyers can hold the broken resistance as support to sustain the breakout momentum.

ambcryptoHace 50 min(s)

AAVE price jumps 15% – Can $40.69M in protocol fees sustain the breakout?

ambcryptoHace 50 min(s)

Tokenized SpaceX Stock Liquidations Show Crypto Leverage Reaching Private Markets

Tokenized SpaceX stock positions recently experienced significant liquidations, illustrating the growing risk as crypto-style leverage enters private-market equity products. This episode highlights a key tension in the tokenized asset narrative: while these products aim to democratize access to high-demand, late-stage private companies like SpaceX, pairing them with leverage transforms them into high-volatility instruments more akin to crypto derivatives than traditional equity investments. The demand for tokenized SpaceX exposure stems from its brand power, scarcity, and investor interest. However, this access does not eliminate inherent risks, including jurisdictional limits, complex redemption terms, liquidity constraints, and differences in investor rights compared to direct ownership. The incident serves as a broader warning for the tokenized real-world asset (RWA) market. For sustainable growth, platforms must establish clear rules around custody, pricing, leverage, and disclosures. Regulators are likely to scrutinize whether such products are marketed as equity access while functioning as leveraged derivatives. This story underscores ongoing market themes: increasing regulatory specificity, the integration of crypto products with traditional finance rails, and heightened sensitivity to liquidity conditions. It reinforces the need to view developments through the lens of evolving market structure, leverage, and institutional participation rather than as isolated price catalysts.

bitcoinistHace 51 min(s)

Tokenized SpaceX Stock Liquidations Show Crypto Leverage Reaching Private Markets

bitcoinistHace 51 min(s)

Cardano wallet exploit: SecondFi traces attack to private key flaw, warns users not to restore seed phrases

SecondFi has identified the root cause of the recent Cardano wallet exploit, which drained approximately 16 million ADA ($2.4 million) from 374 wallets. The attack stemmed from a deterministic nonce derivation flaw in its software signer, allowing attackers to mathematically reconstruct private keys from public blockchain data after transactions were signed. The company warns affected users not to restore their compromised recovery phrases into another wallet, as the vulnerability exists at the private key level, meaning addresses remain exposed. Users are advised against moving funds or withdrawing staking rewards and should instead await SecondFi's official recovery process. Emergency containment has secured around 129 million ADA pending recovery. SecondFi has launched a restoration fund, engaged external security auditors, and identified two attacker groups responsible for the automated draining campaigns between June 21 and 23. The platform remains in maintenance mode during ongoing security reviews.

ambcryptoHace 1 hora(s)

Cardano wallet exploit: SecondFi traces attack to private key flaw, warns users not to restore seed phrases

ambcryptoHace 1 hora(s)

Is upcoming ‘Giga’ upgrade true driver behind SEI’s 30% rally?

SEI has rallied approximately 30% in June, decoupling from Bitcoin's recent weakness to trade around $0.058. The initial recovery was aided by a Bitcoin bounce, but SEI's continued gains are attributed to other factors. These include a short squeeze targeting liquidity pools near $0.06 and potentially the upcoming 'Giga' upgrade, which aims to improve the network's speed and privacy. The rally faces a key test at the $0.06 resistance level. Its ability to break through depends heavily on upcoming U.S. inflation data. Softer-than-expected data could renew risk-on appetite, potentially allowing SEI to flip $0.06 into support and target $0.07 (a further ~12% gain). Conversely, high inflation could trigger a risk-off mood and stall the rally. Overall, while seller exhaustion and ecosystem catalysts have fueled gains, SEI's near-term trajectory remains tied to broader market sentiment dictated by macroeconomic data.

ambcryptoHace 1 hora(s)

Is upcoming ‘Giga’ upgrade true driver behind SEI’s 30% rally?

ambcryptoHace 1 hora(s)

Trading

Spot

Futuros