Why Ethereum (ETH) Could Be Ready For a Break Above $3,500
Ethereum (ETH) has traded sideways for over a month, with its price remaining under the key $3,500 resistance level. However, on-chain data has shown that a shift could be underway. This analysis explains the two key factors suggesting a potential breakout might be imminent. Ethereum Sees Surge in Holding Time On-chain data has revealed a spike in the holding time of all ETH coins transacted over the past seven days. According to IntoTheBlock, this has increased by 55% during the review period. The holding time of an asset’s transacted coins represents the average duration tokens are held before being sold or transferred. Long holding periods reflect stronger investor conviction, as investors choose to keep their coins rather than sell. This can help reduce the selling pressure in the ETH market, driving up its value. ETH Coins Holding Times. Source: IntoTheBlockFurther, ETH’s funding rate has remained positive despite its range-bound price movements in recent weeks. At press time, it is 0.019%, reflecting the steady demand for long positions among ETH’s futures traders. The funding rate is a fee exchanged between long and short traders on perpetual futures contracts to keep the contract’s price in line with the underlying asset’s spot price. ETH Funding Rate. Source: SantimentDespite its sideways movement, ETH’s steady positive funding rate indicates that more traders are betting on its price going up, signaling bullish sentiment. ETH Price Prediction: Break $3,516 for a Climb to $3,684, or Risk Pullback? Waning selloffs could propel ETH above the resistance formed at $3,516. If it successfully breaks above this key resistance level, its price could climb toward $3,684. ETH Price Analysis. Source: TradingViewHowever, if this bullish trend stalls, the coin could fall back within the narrow range or drop toward support at $3,210. Disclaimer In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated. Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... Abiodun Oladokun is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including decentralized finance (DeFi), real-world assets (RWA), artificial intelligence (AI), decentralized physical infrastructure networks (DePIN), Layer 2s, and meme coins. Previously, he conducted market analysis and technical assessments of various altcoins at AMBCrypto, utilizing on-chain analytics platforms like Messari, Santiment... READ FULL BIO