Summary
TLDR: Ethereum’s price has stayed above $3,000 with investor support, leading to a potential rally. Active deposits are low, indicating investors are holding onto their assets. If ETH breaches the 50% Fibonacci resistance at $3,376, it could rally to $3,582. Failure to break this barrier could result in a drop to $3,093.
Key Points
1. Ethereum’s price has sustained above $3,000 as support for nearly a week before recovering, thanks to investors’ resilience.
2. Active deposits on the Ethereum network are at a seven-month low, indicating that investors are holding onto their assets instead of selling, contributing to the potential rally in the altcoin.
3. Ethereum’s price is trading at $3,202 and could rally to $3,500 if it breaches the 50% Fibonacci Retracement resistance at $3,376, supported by investors.