{"id":354176,"date":"2023-10-28T04:00:28","date_gmt":"2023-10-27T22:30:28","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=354176"},"modified":"2023-10-27T19:03:02","modified_gmt":"2023-10-27T13:33:02","slug":"ethereum-why-only-patience-may-cut-it-for-eth-holders","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-why-only-patience-may-cut-it-for-eth-holders\/","title":{"rendered":"Ethereum: Why only patience may cut it for ETH holders"},"content":{"rendered":"<ul>\n<li><em>Overcoming the $1,960 resistance could lead to a surge above $2,000.<\/em><\/li>\n<li><em>The OBV reflects a higher volume which could trigger an uptick.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For <\/span><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><span style=\"font-weight: 400;\">, the last seven days have been impressive, thanks to a 10.24% price increase. However, the double-digit hike has stalled, as ETH dropped to $1,780 in the last 24 hours. Regardless of the decline, the broader market is still positive that the coin will find its way to $2,000 very soon.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">How much are <\/span><span style=\"font-weight: 400;\">1,10,100 ETHs worth today<\/span><span style=\"font-weight: 400;\">?<\/span><\/p>\n<hr \/>\n<h4><b>ETH needs to break down the obstacle<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to Ali Martinez, an analyst, ETH needs to overcome the huge supply at $1,960 before it can break out. Martinez noted that it was important to break down the wall at the said value because of the number of coins bought at the price.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The analyst noted that about 33 million ETH were accumulated by 1.14 million addresses at $1,960. Because of the buying concentration at this point, ETH has formed a resistance there.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Wen <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> break out? <\/p>\n<p>Well, you may need to wait for <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> to overcome the huge supply wall at $1,960. Here, 1.14 million addresses bought nearly 33 million <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a>, according to <a href=\"https:\/\/twitter.com\/intotheblock?ref_src=twsrc%5Etfw\">@intotheblock<\/a>. <a href=\"https:\/\/t.co\/B2noPQbJPc\">pic.twitter.com\/B2noPQbJPc<\/a><\/p>\n<p>&mdash; Ali Charts (@alicharts) <a href=\"https:\/\/twitter.com\/alicharts\/status\/1717507868365078607?ref_src=twsrc%5Etfw\">October 26, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Should more trading activity surpass the volume at the aforementioned price level, then ETH may push toward $2,000. Otherwise, a notable <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-is-a-price-correction-on-the-cards-for-eth\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">correction<\/span><\/a><span style=\"font-weight: 400;\">, possibly below $1,700, could be on the cards.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, ETH might need <\/span><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><span style=\"font-weight: 400;\"> dominance to reduce even though it has relatively followed the king coin\u2019s price action lately. At press time, Bitcoin\u2019s dominance was 52.43%. This implies that BTC\u2019s market cap compared to Ethereum, and other altcoins in the market, has been higher.<\/span><\/p>\n<h4><b>A rising open interest follows a volatile coin<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">One metric that gives an idea of ETH\u2019s price potential over the next few days is the open interest. With respect to the price action, a high open interest could provide strength. On the other hand, a falling open interest means that price movement is weak<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, ETH\u2019s <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">open interest<\/span><\/a><span style=\"font-weight: 400;\"> was $6 billion. Rising open interest on a declining price implies that the coin value may continue to decrease. However, if the open interest maintains its increase when ETH begins to rise, then the altcoin may break the resistance and rise above $2,000.<\/span><\/p>\n<figure id=\"attachment_354180\" aria-describedby=\"caption-attachment-354180\" style=\"width: 1383px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54.png\"><img decoding=\"async\" class=\"size-full wp-image-354180\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54.png\" alt=\"Ethereum open interest\" width=\"1383\" height=\"282\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54.png 1383w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54-300x61.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54-1024x209.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-27-at-13.35.54-768x157.png 768w\" sizes=\"(max-width: 1383px) 100vw, 1383px\" \/><\/a><figcaption id=\"caption-attachment-354180\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time of writing, ETH\u2019s bullish structure was still in place. However, the ETH\/USD daily timeframe showed that the cryptocurrency was overbought, despite high volatility. This assertion was obtained from the Bollinger Bands (BB).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The upper band of the BB had touched ETH at $1,805, triggering a reversal in the price. As it stands, there is still a chance for ETH to fall lower than $,1786. However, the extreme volatility indicated by BB showed that there might be significant price fluctuations in the short term.<\/span><\/p>\n<figure id=\"attachment_354178\" aria-describedby=\"caption-attachment-354178\" style=\"width: 1073px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52.png\"><img decoding=\"async\" class=\"size-full wp-image-354178\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52.png\" alt=\"Ethereum [ETH] price action\" width=\"1073\" height=\"721\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52.png 1073w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52-300x202.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52-1024x688.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-27_13-50-52-768x516.png 768w\" sizes=\"(max-width: 1073px) 100vw, 1073px\" \/><\/a><figcaption id=\"caption-attachment-354178\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read<\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\"> Ethereum\u2019s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2023-2024<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">So, a <\/span><a href=\"http:\/\/ambcrypto.com\/as-ethereum-moves-closer-to-2k-this-metric-sees-8-month-high\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">jump<\/span><\/a><span style=\"font-weight: 400;\"> to $2,000 should not be ruled out as long as buying pressure remains present. This possibility was also reinforced by the On Balance Volume (OBV). <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At press time, the OBV had risen to 24.33 million. This reflects positive volume that could later foreshadow higher prices.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Because of the buying concentration at $1,960, a resistance was formed in the region. For ETH to overcome this obstacle, some changes need to occur. Here are some. <\/p>\n","protected":false},"author":72,"featured_media":354177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[32,66,3,4,20],"tags":[],"class_list":["post-354176","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Ethereum: Why only patience may cut it for ETH holders - AMBCrypto<\/title>\n<meta name=\"description\" content=\"For Ethereum [ETH], the last seven days have been impressive, thanks to a 10.24% price increase. 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