Ethereum (ETH) has been the talk of the crypto town, with its price action resembling a wild ride on a rollercoaster. π’ But hold onto your digital wallets, folks, because the latest on-chain data suggests this crypto giant might be ready to break free from its sideways slumber and soar to new heights! π
According to our analysis, the holding time of all ETH coins transacted over the past seven days has surged by a whopping 55%. π€ This means investors are holding onto their Ethereum like it’s the last lifeboat on the Titanic, signaling a growing conviction in the coin’s future. π
But that’s not all! π€― The funding rate for Ethereum’s futures contracts has remained firmly in positive territory, despite the coin’s recent price stagnation. π This suggests that more traders are betting on Ethereum’s price going up, and they’re willing to put their money where their mouths are. π°
So, what does this all mean for Ethereum’s future? π€ Well, if the coin can break through the key resistance level of $3,516, it could be on its way to scaling the dizzying heights of $3,684. π But if the bullish momentum falters, it could risk a pullback to the support level of $3,210. π¬
Buckle up, crypto enthusiasts, because the Ethereum rollercoaster is about to take us on a wild ride! π’ Will it be a thrilling ascent to new all-time highs, or a stomach-dropping descent? Only time will tell. π€
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2025-01-24 16:45