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Ethereum (ETH) Enters Major Support Area, Here's What May Happen Next: Analyst

Thu, 02/09/2023 - 12:10
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Yuri Molchan
Ethereum has good chance of moving higher, this analyst believes
Ethereum (ETH) Enters Major Support Area, Here's What May Happen Next: Analyst
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Crypto trader and analyst Ali Martinez has shared an Ethereum chart, pointing out that there is a good chance that ETH may rise above the $1,650 level if one condition is met by traders.

"Ethereum enters a significant support area"

Martinez showed on the chart that the second largest crypto, Ethereum, is trading in an area that represents a substantial support zone for ETH, that is, the zone between $1,600 and $1,650 levels.

The analyst cited on-chain data, according to which nearly two million wallets bought 8 million ETH in this price range. Now, the necessary condition for Ethereum to rise higher, according to Ali, is that this important demand wall remains.

Cardano CEO Says Ethereum Staking Is Problematic, Here's Why

Traders feel skeptical, bullish for crypto market: Santiment

In a recently published tweet, popular on-chain data aggregator Santiment shared that after the rising price move of the crypto market last month, in February, expectations from traders are largely negative as they believe prices are going to decline.

Santiment stated that this "improves the probability of prices rising further" as crypto prices overall tend to move in a direction that is unexpected for traders and often opposite of their expectations.

Their chart shows that bullish expectations are frequently met by the market with a decline; when expectations are mixed, prices may go either way, but when traders expect a negative movement, prices often move higher.

Hackers laundering $4 million in ETH

As covered by U.Today earlier, FBI reported that over the past two weeks, hacker group Lazarus Group, which works for the government of North Korea and helps to fund its nuclear program by stealing crypto, has been active laundering the Ethereum it stole in June last year from the Horizon Bridge.

Back then, about $100 million worth of Ether was taken by the hackers in all after the attack. At least $4 million of that has been actively laundered by the hacker group using the peel chain layering technology. This basically means that the cybercriminals have been splitting a big chunk of ETH into smaller transactions and sending them to newly created wallets, which are often set up on crypto exchanges.

At the end of January, $17.7 million in Ethereum (11,304 ETH) was moved by those hackers too and sent in small lumps to at least six digital trading venues.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at