Ethereum Holding Times Soars as Coin Eyes $3,500
Ethereum (ETH) has been trading sideways for over a month now, with its price still trading below key resistance at $3,500.
However, on-chain data suggests a shift may be taking place. The analysis explains two key factors that suggest a potential breakthrough could be imminent.
Ethereum holding time surges
On-chain data shows a surge in holding times for all assets Transacted ETH coins in the past 7 days. According to IntoTheBlock, this number increased by 55% during the review period.
The holding period of an asset trading token represents the average duration a token is held before being sold or transferred. Long-term holdings reflect stronger conviction as investors choose to hold on to their tokens rather than sell them. This helps reduce selling pressure on the ETH market, pushing up its value.
farther, ETH funding rate Despite price range swings in recent weeks, optimism remains. As of press time, it is 0.019%, reflecting stable demand for ETH long positions. futures traders.
The funding rate is the fee exchanged between long and short traders of a perpetual futures contract to keep the price of the contract consistent with the spot price of the underlying asset.
Despite sideways movements, ETH’s stable positive funding rate suggests more traders are betting on its price growth, indicating bullish sentiment.
ETH Price Prediction: Breakthrough $3,516, Climb to $3,684, Or Risks a Retracement?
A weakening sell-off could push ETH above the resistance formed at $3,516. If this key resistance level is successfully broken, Its price may climb to $3,684.
However, if this bullish trend stalls, the coin may retreat within a tight range or fall towards the $3,210 support.
Disclaimer
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