{"id":356973,"date":"2023-11-10T19:00:23","date_gmt":"2023-11-10T13:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=356973"},"modified":"2023-11-11T11:29:30","modified_gmt":"2023-11-11T05:59:30","slug":"how-ethereum-conquered-the-roadblock-after-blackrocks-etf-filing","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/how-ethereum-conquered-the-roadblock-after-blackrocks-etf-filing\/","title":{"rendered":"How Ethereum conquered this roadblock after BlackRock\u2019s ETF filing"},"content":{"rendered":"<ul>\n<li><em>ETH surpassed the supply wall between <span style=\"font-weight: 400;\">$1,972 and $2,030, rising as high as $2,127.<\/span><\/em><\/li>\n<li><em>Traders are targeting an upward movement for ETH in the region of $2,153.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH]<\/span><span style=\"font-weight: 400;\"> movement on the chart was one that attracted a lot of criticism due to its inability to match Bitcoin\u2019s [BTC] uptrend over the last few weeks. But all that changed on the 9th of November as the coin price climbed above $2,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many attributed the surge in price to the BlackRock Ethereum ETF <\/span><a href=\"http:\/\/ambcrypto.com\/eth-sees-price-gains-as-blackrock-moves-toward-spot-ethereum-etf-filing\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">filing<\/span><\/a><span style=\"font-weight: 400;\"> which the public got wind of the same day. This macroeconomic factor surely had an impact on the price increase. But a few hours after ETH hit $2,042, it retraced back to $2,004.<\/span><\/p>\n<h4><b>ETH breaks down the wall<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In between ETH\u2019s rise and fall, analyst Ali Martinez revealed that there was a supply wall between $1,972 and $2,030. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A supply wall is described as a price level where there is a significant accumulation of an asset, illustrating weaker selling pressure for the coin in question.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> is attempting to overcome an important supply wall between $1,972 and $2,030, where 651,000 addresses had previously purchased 33.5 million <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>. <\/p>\n<p>Notice that there is no other major supply wall ahead of <a href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a> until $2,500. <a href=\"https:\/\/t.co\/bcxUk7koCo\">pic.twitter.com\/bcxUk7koCo<\/a><\/p>\n<p>&mdash; Ali Charts (@alicharts) <a href=\"https:\/\/twitter.com\/alicharts\/status\/1722635200083988630?ref_src=twsrc%5Etfw\">November 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Martinez added that 651,000 addresses purchased millions of ETH at this price level, making it an important area to watch.<\/p>\n<p><span style=\"font-weight: 400;\">So, ETH\u2019s rejection at $2,042 could be attributed to the factor mentioned above. Typically, to overcome this supply wall, there has to be much more volume than there was when the buying spree occurred.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Interestingly, the Ethereum clan did well to beat the <\/span><a href=\"http:\/\/ambcrypto.com\/ethereum-crosses-a-key-price-level-is-a-new-rally-in-the-works\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">obstruction<\/span><\/a><span style=\"font-weight: 400;\"> as the coin value rose above $2,100. At press time, ETH exchanged hands at $2,127, making the seven-day performance an 18.49% increase.<\/span><\/p>\n<h4><b>Sliding away from capitulation<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to Santiment, ETH\u2019s funding rate was 0.028% at press time. The increase in the funding rate <\/span><a href=\"https:\/\/app.santiment.net\/charts\/NIf8MESu__sCl\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">suggests<\/span><\/a><span style=\"font-weight: 400;\"> high interest in long-leverage traders. The high value of the metric also suggests a bullish sentiment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Because of the unusual spike in the funding rate, AMBCrypto took a careful look at the prices traders are targeting.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> On average, ETH\u2019s short-term projected price was around $2,153. This bullish outlook was also confirmed by the weighted sentiment.<\/span><\/p>\n<figure id=\"attachment_356976\" aria-describedby=\"caption-attachment-356976\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023.png\"><img decoding=\"async\" class=\"wp-image-356976 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023.png\" alt=\"Ethereum weighted sentiment and funding rate\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/Ethereum-ETH-07.20.14-10-Nov-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-356976\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">At the time of writing, Ethereum\u2019s weighted sentiment was high up at 0.88. The stance of this metric indicates that comments about ETH were largely positive, and the negative ones did not come close to the share of optimism shown.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the Short-Tern Holder Net Unrealized Profit\/Loss (STH-NUPL) showed that ETH holders have moved away from the capitulation (red) phase. At press time, the metric was in the hope (orange) corner with solid signs of moving into optimism (yellow).<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">ETH Profit Calculator<\/span><\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;category=&amp;m=indicators.NuplLess155&amp;s=1690671600&amp;u=1699570799&amp;zoom=\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">STH-NUPL<\/span><\/a><span style=\"font-weight: 400;\"> assesses the behavior of short-term investors<\/span><span style=\"font-weight: 400;\"> by <\/span><span style=\"font-weight: 400;\">taking into account only UTXOs younger than 155 days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The result of the analysis mentioned above indicates the broader market believes that ETH\u2019s uptick may have just started and there could be room for more.<\/span><\/p>\n<figure id=\"attachment_356975\" aria-describedby=\"caption-attachment-356975\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3.png\"><img decoding=\"async\" class=\"size-full wp-image-356975\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3.png\" alt=\"Ethereum Short Term Holder NUPL\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/11\/glassnode-studio_ethereum-short-term-holder-nupl-3-1536x864.png 1536w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-356975\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Crypto analyst Ali Martinez revealed that there was a supply wall between $1,972 and $2,030. After Ethereum did well to beat this obstruction, AMBCrypto took a careful look at the prices traders are targeting. <\/p>\n","protected":false},"author":72,"featured_media":356977,"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-356973","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 v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Ethereum conquered this roadblock after BlackRock\u2019s ETF filing - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum\u2019s [ETH] movement on the chart was one that attracted a lot of criticism due to its inability to match Bitcoin\u2019s\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/how-ethereum-conquered-the-roadblock-after-blackrocks-etf-filing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Ethereum conquered this roadblock after BlackRock\u2019s ETF filing - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Crypto analyst Ali Martinez revealed that there was a supply wall between $1,972 and $2,030. 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