Ethereum Rising, 2 Million Addresses Will Be In Money If $3,200 Is Broken

Ethereum mirrored the performance of Bitcoin and other major altcoins, climbing above $3,000 just days after dropping below $2,800. A close above $3,200 will be key in stimulating demand as the second-most valuable coin recovers, injecting optimism into battered token holders and traders.

Ethereum Rally: Will Bulls Push It Above $3,200?

According to IntoTheBlock on July 10, Ethereum Top edge Reaching the $3,200 level would be a major breakthrough for traders, as it would benefit the estimated 2 million businesses that traded ETH at this price.

Approximately 2 million traders would benefit if ETH breaches $3,200 | Source: @intotheblock via X

So, if the price retests this level, those who took long positions can exit with zero profits, or other “diamond hands” who see further gains in the future can double down and ride the expected upside.

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So far, there are signs of strength. However, while sellers are still in the lead, a breakout above $3,300 will be crucial in the short to medium term. Looking at the ETHUSDT candlestick placement on the daily chart, the $3,300 level was previously support but is now resistance.

Ethereum price remains flat on daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price remains flat on daily chart | Source: ETHUSDT on Binance and TradingView

A breakout, ideally accompanied by increased trading volumes, would provide a basis for further gains and push the coin towards the crucial liquidation levels of $3,700 and even $3,900.

Conversely, if the sellers gain the upper hand and reverse the recent gains, matching the declines of July 4 and 5, a drop below $2,800 would signal a continuation of the trend. Based on the candlestick configuration, in that case, Ethereum would fall to multi-week lows and possibly to $2,500.

Spot ETFs in Focus as Whales Buy Up ETH Shortage

Overall, analysts are optimistic and expect Ethereum to rise. The expected launch of a spot Ethereum exchange-traded fund (ETF) in the coming days is a major driver of this bullish outlook.

Just as Bitcoin ETF discovery has suddenly opened up institutional exposure to the world’s most valuable coin, ETH is likely to see a similar influx. Institutional demand has proponents believing ETH will rise further, surpassing $4,100 in the coming months and hitting new highs in 2024.

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Interestingly, even the anticipation of a spot launch of an Ethereum ETF doesn’t seem to be changing traders’ outlook. On-chain data shows bullish sentiment is at The lowest price in a yearurging caution among ETH holders.

ETH traders are bearish | Source: @QuintenFrancois via X
ETH traders are bearish | Source: @QuintenFrancois via X

On the other hand, on-chain data showRecently, there has been an increase in ETH outflows from exchanges. All exchanges, including Binance and Coinbase, control 10.17% of all ETH in circulation. show Another chunk, equivalent to 28% of all ETH in circulation, is staked.

Featured image from DALLE, chart from TradingView

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