Ethereum (ETH) is back in the spotlight as it consolidates around $4,640 after a strong move up from its base at $4,070 in early September. The second-largest cryptocurrency has gained over 13% in two weeks and is now within striking distance of the $5,000 psychological level.
At the time of writing, ETH is trading at $4,639 with a market capitalization of $559.9 billion and a daily trading volume of $27.9 billion.
Supply Squeeze Fuels ETH Optimism
One of the most significant bullish factors for Ethereum is its supply squeeze. Exchange reserves have dropped to 18.8 million ETH, the lowest level since 2016, and staking activity has surged, with over 36 million ETH (approximately 30% of the supply) now staked.
ETH is leaving EXCHANGES at the fastest pace ever!
Reserves just plunged to 17.2M ETH!
~25M in 2023
— Leon Waidmann
~25M in 2023
The sell-side inventory is evaporating. 
(@LeonWaidmann) This reduces circulating supply, tightens liquidity, and puts upward pressure on price. Analysts also note that whale wallets and institutions have been quietly accumulating ETH, adding to the confidence in Ethereum’s long-term.
Key takeaways from the supply side:
- Exchange reserves: 18.8M ETH, lowest since 2016
- Over 36M ETH staked, ~30% of total supply
- Whale accumulation supports institutional confidence
Ethereum (ETH/USD) Technical Outlook: Bulls Target $5K
From a technical perspective, the Ethereum price prediction is slightly bullish as ETH is in an ascending channel, with price action making higher lows and testing the channel’s upper boundary.
The breakout above $4,450 was confirmed by long green candles, a bullish engulfing pattern.
Momentum indicators are adding nuance. RSI has cooled from 69 to 60, so there’s room for consolidation without weakness. A spinning top or Doji candle could form here, indicating market indecision before the next move.
- Support levels: $4,550 and $4,425 (50-SMA)
- Resistance levels: $4,760, $4,945 and $5,135
- Long-term floor: 200-SMA at $3,994
A daily close above $4,760 would likely lead to $4,945 and then $5,135, the level where previous rallies stalled. Sentiment remains positive, supported by both fundamentals and technicals.
Market Sentiment and Price Projection
Ethereum’s On-Balance Volume (OBV) recently flashed an accumulation signal before the recent move. Volume is up 12.26% in 24 hours to $43.4 billion, confirming the momentum.
For traders, a long entry above $4,600 with stops under $4,425 is a good setup. Targets are initially $4,760, then $4,945, and then $5,135.
For newcomers, the summary is straightforward: ETH is in a bullish channel, and as long as it holds above the moving averages, the odds are in favor of a move to $5,000 and beyond.
With institutional accumulation, shrinking exchange reserves and strong technicals all lining up, Ethereum may be about to make a big move.
Presale Bitcoin Hyper ($HYPER) Combines BTC Security With Solana Speed
Bitcoin Hyper ($HYPER) is positioning itself as the first Bitcoin-native Layer 2 powered by the Solana Virtual Machine (SVM). Its goal is to expand the BTC ecosystem by enabling lightning-fast, low-cost smart contracts, decentralized apps, and even meme coin creation.
By combining BTC’s unmatched security with Solana’s high-performance framework, the project opens the door to entirely new use cases, including seamless BTC bridging and scalable dApp development.
The team has put strong emphasis on trust and scalability, with the project audited by Consult to give investors confidence in its foundations.
Momentum is building quickly. The presale has already crossed $15.6 million, leaving only a limited allocation still available. At today’s stage, HYPER tokens are priced at just $0.012915—but that figure will increase as the presale progresses.
You can buy HYPER tokens on the official Bitcoin Hyper website using crypto or a bank card.
Click Here to Participate in the Presale
The post Ethereum Price Prediction: Are Bulls Getting Ready to Push the ETH Price Higher? appeared first on Cryptonews.
Credit: Source link