In the first quarter of 2023, long-term Bitcoin (BTC) and Ethereum (ETH) holders strengthened their positions, accummulating billions of dollars worth of their preferred digital assets. This could possibly signal intentions to hold and not sell until the price reaches all-time highs. Crypto analytics platform IntoTheBlock have revealed that Bitcoin holders have added $13.4 billion to their wallets so far in 2023 while Ethereum holders have acquired $4.7 billion worth of ETH.

As crypto cycles tend to be associated with halving and upgrades to the code, Q2 of 2023 could see a number of catalysts effecting price movement. Ethereum's Shanghai upgrade this summer could encourage more users to stake, although this may lead to short-term sell pressure due to staking withdrawals. Bitcoin's looming halving could also influence price movement.

It is also important to monitor key price levels for Bitcoin and Ethereum. According to IntoTheBlock, investors have purchased 623,800 BTC (~$17 billion) when it was trading around $27,000 and 8.4 million ETH (~$15.1 billion) when it was around $1,700. These levels are examples of strong buyer demand. If the price strays past $27,000 and $1,700 (their current resistance levels) there is not much resistance in place until $24,500 and $1,500 for Bitcoin and Ethereum respectively. On the selling side, recent highs of $29,000 and $1850 have buyer pressure from addresses that purchased around those values but if prices ascend beyond those levels, the price could be free to rise higher with limited resistance.



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