Ethereum Price Nears $3,000 After Escaping Month-Long Consolidation 📈
Ethereum (ETH) has witnessed a significant price surge, nearing the $3,000 level, after breaking a month-long consolidation. However, long-term holders booking profits might hinder this momentum.
New investor addresses have hit a four-month high, signaling renewed interest in Ethereum. While this is a positive indicator of adoption, many investors driven by FOMO could induce volatility.
The Liveliness metric has climbed as long-term holders liquidate, indicating selling pressure. The sell-off could challenge Ethereum's potential to cross the $3,000 threshold, a situation reminiscent of its earlier consolidation in May.
ETH currently trades at $2,769, up by 14.6% this week, facing resistance at $2,814. If LTH selling continues, ETH could dip further, potentially invalidating the bullish outlook.
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