Ethereum Non-Exchange Landscape Rumbles: Bulls and Bears Clash with $1,900 Hanging in the Balance

Despite the uncertainty that hangs in the air amongst cryptocurrency traders, Ethereum (ETH) remains steadfast in reaching its psychological threshold of $1,900. Santiment, a blockchain and crypto analytics platform, reported that on June 20,2023, the combined holdings of the top 10 non-exchange ETH addresses totaled a remarkable 33.47 million ETH -the largest quantity recorded since its introduction. Meanwhile, the top exchange addresses only held 6.78 million ETH, the least amount yet since September 2015. Consequently, the share of the total Ethereum supply these exchange addresses control was 9.2%.

At the time of last reporting, the digital asset traded at $1,874.88, a 1% decline since the day prior. Its weekly performance of 8.41% growth is representative of its moderate increases a significant improvement from last month. As per the cryptoeconomics platform Coinbase’s Ethereum forecasting model, it is expected that Ethereum could reach anywhere from $2,593 -$3,668 in the next six months; or, up to $5,290 -$7,565 in the following twelve. The inclusion of the Rainbow Chart should also be a valuable guidance for decision-making moving forward. Showcasing the ETH prices’ historical resistance and support points, it marks Ethereum as situated in the “HODL!” band, signifying promising potential profitability prospects from now on. Consequently, it seems a strategic time for investors to become coin-holders.

Robert Wilson author
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