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Next Ethereum (ETH) Price Rally Could Test $2,500, Here’s Why
Ethereum price retraced 7% over the weekend as markets reacted to potential sell-offs from Vitalik Buterin and the ETH Foundation. But with long-term holders standing firm, on-chain data gives hope of a positive ETH price prediction.
Sudden exchange deposits Vitalik Buterin and the Ethereum foundation sent ETH price into an early retracement shortly after clearing the $2,000 milestone on May 5. But a deeper dive into the on-chain data suggests bullish Ethereum price predictions are yet to be invalidated.
The next ETH bull rally could test the $2,500. Here are 3 reasons why.
Long-Term Holders Remain Confident
Firstly, the conclusion of the Proof-of-Stake Merge on April 12, ETH price corrections have often been closely correlated with selling actions from Ethereum’s long-term investors. But this time, the data looks different.
As Ethereum price dropped on Friday, long-term HODLing wallets largely remained unmoved. While ETH price retraced, the Mean Coin Age across the Ethereum network has risen on 3 consecutive trading days.
Read More: https://beincrypto.com/eth-bull-rally-could-test-2500/
Ethereum price retraced 7% over the weekend as markets reacted to potential sell-offs from Vitalik Buterin and the ETH Foundation. But with long-term holders standing firm, on-chain data gives hope of a positive ETH price prediction.
Sudden exchange deposits Vitalik Buterin and the Ethereum foundation sent ETH price into an early retracement shortly after clearing the $2,000 milestone on May 5. But a deeper dive into the on-chain data suggests bullish Ethereum price predictions are yet to be invalidated.
The next ETH bull rally could test the $2,500. Here are 3 reasons why.
Long-Term Holders Remain Confident
Firstly, the conclusion of the Proof-of-Stake Merge on April 12, ETH price corrections have often been closely correlated with selling actions from Ethereum’s long-term investors. But this time, the data looks different.
As Ethereum price dropped on Friday, long-term HODLing wallets largely remained unmoved. While ETH price retraced, the Mean Coin Age across the Ethereum network has risen on 3 consecutive trading days.
Read More: https://beincrypto.com/eth-bull-rally-could-test-2500/
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