Ethereum Maintains Stability Above $2,000 Amid Strong On-Chain Metrics

Ethereum is holding above $2,000 at $2,054 after a recent uptrend and market analysts are expecting more upside in the coming weeks. On-chain metrics are looking strong.

Ethereum’s On-Chain Metrics

Ethereum is stable at $2,054 due to strong on-chain metrics. Daily volume is over $10 billion and ETH futures open interest is growing which means more investor participation.

Institutional investors and whales are buying Ethereum, with recent data showing almost half a million ETH purchases in the last few weeks. ETH supply on exchanges is declining with over 1.2 million ETH moved off exchanges into staking and private wallets which is bullish and points to a supply squeeze that could push prices higher.

Solid Support Levels

Despite the long term target of $12,000, Ethereum is grounded with strong support levels according to the latest technical analysis. The accumulation range between $1,871 and $1,981 is a strong support zone with millions of ETH accumulated in this region by retail and institutional investors.

Ethereum’s price action has formed a harmonic pattern which traders are waiting for a breakout. If Ethereum holds above $2,000 and breaks above $2,100, analysts expect more upside to the next resistance at $2,200.

Key Takeaways:

• Ethereum remains steady above $2,000, currently trading around $2,054.

• Continued whale activity and bullish on-chain metrics enhance investor confidence.

• Crucial support is established between $1,871 and $1,981, providing a strong price floor.

Investors are advised to remain vigilant, tracking Ethereum’s price movements closely