As expectations for Bitcoin ETF approval almost reached their peak, BTC price managed to surpass $45,000. Benefiting positively from this momentum Ethereum Its price is very close to the 2400 dollar level.
While on-chain indicators point out that major rallies are on the way for the ETH price, expectations are that it will exceed $ 10,000 by the end of 2024.
Analyst Ali Martinez is one of those who believe that the Ethereum price will rise. Martinez believes that there are no obstacles on the way for the ETH price to reach $2700 and above. However, pointing out the “demand wall” at $2000, Martinez expects this level to serve as a support against possible corrections.
Koinfinans.com As we reported, in predictions shared by Ali Martinez, Ethereum MVRV Pricing Bands show significant price targets for the cryptocurrency. Martinez stated that, based on the data, the next important price targets for ETH are $3,830 and $5,100.
Another positive indicator for Ethereum is interpreted as the sharp decline in the exchange supply. Data from Santiment reveals that the ETH token supply on exchanges has reached an all-time low since the inception of ETH.
As of the latest data, Ethereum’s supply on exchanges represents only 8.04% of the total ETH supply. This marks the lowest level recorded since the emergence of cryptocurrency. The supply of an altcoin like ETH on the exchange often plays a significant role in influencing its market price. A decrease in supply is often perceived as a bullish indicator and indicates a potential decrease in selling pressure on ETH.