The world’s second-largest cryptocurrency, Ethereum (ETH), has been hovering around $1,850 after experiencing some gains last week. Along with Bitcoin and other altcoins, the price of ETH has remained steady over the last couple of days, with investors watching for the next upswing.
For the ETH price to rally further, though, it must first break through a supply wall sitting just above $2,000. Citing data from IntoTheBlock, popular crypto analyst Ali Martinez reported that there’s a significant supply wall in the range of $2,000 and $2,060, where 832,640 addresses purchased more than 26 million ETH. If Ethereum can successfully breach this resistance barrier, an upswing to $2,330 and even $2,750 could be seen.
As we observe the Ethereum price volatility around $1,900, bulls and bears are engaged in an intense battle. Meanwhile, ETH supply on exchanges has been dropping, while non-exchange addresses continue to accumulate. On-chain data provider Santiment reports that Ethereum is volatile today, with the largest non-exchange addresses getting richer, while the top exchange addresses are near genesis levels. The ETH supply on exchanges currently stands at 9.2%.
Though the Ethereum price is trending downward at the moment, the dips seen at this point could present an attractive buying opportunity, according to technical analyses. On June 26, crypto journalist WuBlockchain reported that the most significant short seller on GMX utilized 6.6x leverage to short ETH at an entry price of $1,703.97. This seller has lost almost 70% of their $1.2 million. If the price of Ethereum climbed to $1,945.18, the seller’s $12 million short position would face liquidation.
Notably, some big investors have wagered $12 million that the price of Ethereum will fall. These investors are eyeing opportunities to profit if the price drops, but they could also face losses if the market defies their predictions and continues to climb.
The ongoing tug of war between Ethereum bulls and bears makes for an intriguing and tense market environment, with potential opportunities for both gains and losses. As with any investment, thorough market research is essential before making any decisions in the cryptocurrency world.
Source: Coingape
