Ethereum looks set to continue its path for an eventual climb over the $2,000 mark after receiving a significant boost from various investors and traders. On-chain metrics such as the reduction of Ethereum (ETH) coins on exchanges and whale accumulation across the Ethereum ecosystem alludes to a strong bullish sentiment that is fueling ETH’s price.

In the past week, Ethereum investors have been steadily moving their ETH coins off exchanges. This trend demonstrates optimism and could have a positive impact on Ethereum’s value due to the reduced supply of ETH available to be traded in the short-term on exchanges. On the other hand, statistics point out that whale investors have bought 950,000 ETH coins worth $1.9 billion on the past few days. Such an injection of capital is likely to drive ETH prices amongst traders.

IntoTheBlock’s In Out of Money Around Price data reveals that Ethereum’s bull rally may eventually reach $2,400, however the network must first overcome the barrier of 1.5 million addresses that are holding Ethereum at an average price of $1,970. If the bulls can win this battle, the $2,400 prediction will become a reality.

Unfortunately, bears may bring ETH’s value to $1,674 if support of 2.7 million addresses fails to hold. Analyzing all of the metrics stated above, it’s clear to see that there is a strong chance for goods returns for investors who jump in at the right price.



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