The crypto space is again consolidating within a very narrow range after experiencing a notable push in the past few days. Bitcoin’s price soared beyond $28,000, but sustaining at these levels appears to be a tedious job. Besides, Ethereum, which has been displaying enough strength nowadays compared to Bitcoin, is again primed to outpower the star crypto. Ethereum’s price is again heading towards the crucial resistance, which may offer the required boost to accomplish the target set at $2000.
The ETH price recently climbed to highs above $1900 for the first time in 2023, ahead of the Shanghai Hard Fork, which is scheduled on April 12. However, the present consolidation is speculated to be the ‘sell-the-news’ event. The price witnessed a spike earlier, pushing the price to higher levels at $1924.47.
Based on the on-chain tracking system Santiment, the largest Ethereum addresses are split between exchange and non-exchange as their balances are moving in opposite directions.
SantimentMeanwhile, the ETH balance is bifurcated into the 10 largest exchange addresses, which have hit an all-time low, but for the non-exchange addresses, it continues to surge. This indicates a decline in the selling pressure as the non-exchange players continue to accumulate, which appears to be bullish for the altcoin.
The ETH price has been trading within a rising parallel channel since November 2022, and despite a breakdown in March 2023, it managed to reclaim the lost positions. If the price manages to climb beyond the average levels of the channel, then a steep upswing may raise the levels beyond $2000 to hit $2232. This is when the bearish thesis may be invalidated.
Conversely, a decline below the lower trendline of the channel may validate yet another ‘buy the rumor, sell the news event ahead of the Shanghai Hard Fork.
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Qadir AK Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.