TLDR
- By hanging onto its price above $2,700, Ethereum displays strength in a volatile market where others falter. The decreasing availability on exchanges to an unprecedented 6.38% signifies investors opting for secure storage.
- Insights from Santiment reveal an uptick in investor attention and funds moving off exchanges, both indicators of rising trust in Ethereum.
- Speculation from Analyst Javon Marks positions ETH for a possible 72.1% climb, potentially pushing it back to its former peak.
- Ethereum finds crucial backing at $2,425, with substantial support from 10.33 million wallets collectively holding 62.43 million ETH.
- A technical look at Ethereum shows it forming a tightening triangle pattern. Resistance is visible at $2,700, and breaching this could open paths to $3,000.
Ethereum's resilience is clear, maintaining value above $2,700 amid broader market declines. Data highlights only 6.38% of ETH now available on exchanges, a record low since the cryptocurrency's start.
The trend of removing Ethereum from exchanges reflects a strong desire amongst holders to secure assets long-term, underscoring growing faith in ETH despite market fluctuations.
Ethereum is demonstrating subtle recovery signs, climbing back to $2,745. It has outpaced most altcoins as the week begins, and there's a swift shift of ETH from exchanges into cold storage, now down to a mere 6.38%. pic.twitter.com/4MTJgpOLDT
— Santiment (@santimentfeed) February 17, 2025
Market figures illustrate Ethereum's lead over several altcoins this week, drawing both analysts and investors due to its consistent stand above important support marks.
Technical Analysis
Examining Ethereum’s hourly chart, a narrowing triangle with resistance at $2,700 is evident. The price holds above $2,650, maintaining bullish momentum supported by the 100-hourly Simple Moving Average.
Ethereum's crucial support stands firm at $2,425, bolstered by a significant number of wallets. Presently, 10.33 million wallets hold 62.43 million ETH at this price, setting a solid stage for upward moves.
Analyst Javon Marks believes Ethereum is ending a lengthy holding pattern. His projections signal a potentially dramatic 72.1% price increase, which could revisit all-time high values.
The hourly examination shows Ethereum nearly hit the $2,850 ceiling, achieving $2,847 before a gentle retreat, marking a clear fluctuation range between $2,600 support and $2,850 resistance.
On the higher side, breaking past $2,725, aligning with a 50% Fibonacci retracement of the recent dip from $2,845 to $2,605, may pave the way to the $2,850 area.
Should Ethereum Should Ethereum succeed in breaching the $2,850 resistance line, the next aim might be crossing the significant $3,000 marker, with possible advances toward $3,050 soon.
Examining the asset’s indicators, there’s a mix yet it leans positive. The hourly MACD reflects weakening bearish momentum, while RSI maintains above the 50 threshold, indicating market stability with a bullish tilt.
Support has been identified at $2,660 and $2,600, with more support levels at $2,550 and $2,440. These zones help ensure price steadiness against potential pressures.
The movement of ETH The swift shift of ETH from exchanges to cold wallets is described as ‘astonishing’ by Santiment, suggesting an upbeat outlook from both institutional and individual investors.
After underperforming among major digital currencies in early 2024, Ethereum's present market activity and supply dynamics have stirred excitement among traders again.
Combining technical patterns, falling exchange supply, and increasing holdings sets up a promising environment for Ethereum’s possible price growth.
Recent reports show Ethereum trading at $2,745, maintaining its stance above pivotal supports. Market players eagerly watch for signs of a major shift.
