Ethereum
Ethereum Sees Growing Demand From US Investors – Impact on Price?
- The increase in the Coinbase Premium Gap suggests an increase in the price of ETH.
- However, ETH might not reach $4,000.
Cryptocurrency investors have been buying, according to data from CryptoQuant. Ethereum [ETH] in large numbers. This is clearly evident from the Coinbase Premium Gap trend.
This metric measures the difference between the price of ETH on Coinbase and Binance. When it decreases, it means that US investors are selling ETH or refraining from buying it.
Americans Now Trust Altcoins
But high values, like its recent rise to 0.78, suggest strong buying pressure from the United States. According to AMBCrypto’s findings, increased exposure to Ethereum could be linked to the Ethereum ETF Launching Soon.
But other than that, he provides the altcoin price has a greater chance of increasing. For example, in March 2023, the Coinbase Premium Gap fell to one of its lowest points ever recorded.
Source: CryptoQuant
This led to the price of ETH dropping below $1,400. Fast forward to March 2024, the same metric reached a peak. At that point, ETH surged to $4,065.
At press time, ETH’s market cap was $3,194. This is a 34.70% drop from its all-time high. However, if buying pressure continues to improve in the US and other parts of the world, we could see the price erase some parts of this drawing.
Additionally, data tracked by IntoTheBlock provides context for what price Ethereum may reach if accumulation intensifies. The specific metric AMBCrypto looked at was IOMAP.
ETH set to retest $3,437 despite neutral sentiment
IOMAP stands for In/Out of Money around Price. In addition, this indicator helps to identify buying and selling areas that are supposed to act as support or resistance.
It ranks addresses based on those that are making money, those that have reached the break-even point, and those that are out of money.
The larger the group of addresses in a price range, the stronger the support or resistance it offers. At the time of writing, 3.56 million Ethereum addresses were in the money and purchased 2.47 million ETH at an average price of $3,140.
On the right, 2.02 million addresses bought 4.01 million ETH for around $3,242 and are out of the money. larger addresses in moneyThere is a chance that ETH will break the resistance at $3,242.
Source: IntoTheBlock
If so, the next area for the cryptocurrency to reach could be $3,347. AMBCrypto checked Ethereum’s Fear and Greed Index to see if this could be a good time to buy ETH.
Furthermore, this index ranges from 0 to 100. Values close to 0 indicate fear and those close to 100 indicate greed. At the time of writing, the index was 39, meaning there was neither extreme fear nor greed.
Source: X
Read Ethereum [ETH] Price forecast 2024-2025
However, the reading offers an opportunity to buy the altcoin, especially since the ETF launch appears to be a bullish event.
While the price of ETH appears poised to rise, a decrease in general interest could invalidate the prediction.