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Ethereum's $3,650 Target Might Be Stalled by 4.45 Million ETH Wall

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Tue, 23/04/2024 - 15:36
Ethereum's $3,650 Target Might Be Stalled by 4.45 Million ETH Wall
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As Ethereum (ETH) continues its journey past the $3,000 price point, it faces a formidable challenge: a strong resistance zone lies between $3,170 and $3,270. 

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This barrier is not just a simple price point; it represents a significant concentration of ETH held by 1.63 million addresses, totaling 4.45 million ETH. 

This accumulation of holdings could be pivotal in determining whether Ethereum can break through and reach the much-anticipated $3,650 level.

In a tweet, crypto analyst Ali highlighted a formidable resistance zone for ETH between $3,170 and $3,270, characterized by a concentration of Ethereum holdings among a large number of addresses. According to on-chain data, approximately 1.63 million addresses collectively hold a significant 4.45 million ETH at these price levels. 

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The enormous addresses holding onto their ETH within this range indicate a potential sell-off point, where many investors may decide to take profits, thereby increasing the selling pressure and making it harder for the price to push through.

If a significant portion of these holders were to sell, it could lead to a price drop. Conversely, if these holders remain confident and continue to hold, or if new buyers step in with enough volume, the price could break past the resistance and head toward the next target of $3,650. Ali indicated in his tweet that breaking past the barrier between $3,170 and $3,270 could propel ETH toward $3,650.

At the time of writing, ETH was up 1.51% in the last 24 hours to $3,243. if the current bullish momentum sustains, Ethereum might aim for $3,302 ahead of the 50-day SMA at $3,488. This would aim for $3,650 and further the $3,729 barrier.

On the other hand, if the ETH price turns down from current levels, it could slip toward the $3,000 price point. This remains critical support for the bulls to maintain because, if it fails, the next stop could be $2,850.

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