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

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.

Note that the $1,600-$1,650 level represents a significant area of support for #Ethereum.

Onchain data shows that 1.94 million addresses purchased 8 million $ETH between $1,600 - $1,650. As long as this important demand wall holds, #ETH has a good chance of advancing further. pic.twitter.com/QThZoVS0tz

— Ali (@ali_charts) February 8, 2023

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.

🧐 After January's positive price action for #crypto, the crowd appears to be expecting a dip in February. Trader skepticism IMPROVES the probability of prices RISING further. Prices generally will move in the direction the crowd deems most unlikely. https://t.co/dOgaZH6RFe pic.twitter.com/HwqGHSdhJr

— Santiment (@santimentfeed) February 8, 2023

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.