Ethereum Price Ready For 38% Breakout! When Can Traders Expect Massive ETH Price Explosion? 

The post Ethereum Price Ready For 38% Breakout! When Can Traders Expect Massive ETH Price Explosion?  appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

Ethereum price could see a superlative rally coming soon. The present trading range is one of the most superior buy zones to enter the trade. The king altcoin has kickstarted the trade on a positive note for the month of February with 2% gains. Moreover, the on-chain metric is slowly turning green in anticipation of a 38% breakout. 

Ethereum price has been tightly wound since November, signifying a breakout to initiate swift run-up soon. The number of active addresses, exchange reserves, and whale accumulations hints at a bullish divergence. 

Can Ethereum Price Make It Upto $3.7k! 

Ethereum is silently making a move towards new lower highs. As per the recent analytics of Santiment ETH transacting addresses persisted nicely above a higher level. However, the address activity ratio wasn’t this high since August 2021, when the altcoin has gained +51% gains. 

The current address activity is likely to enable a bullish divergence of at least 38%. If we observe the historical moves, the asset experienced nice positive momentum whenever address activity was at its peak. 

Ethereum whale addresses have resumed trending assets toward non-exchange addresses in spite of rapid volatility since November. Currently, the top-10 largest non-exchange wallets hold more than 24.31 ETH, whereas the top 10 exchange addresses are at just 5.83 million ETH.

Moreover, veterans across the crypto-verse argue that Ethereum is utterly undervalued, practically it would be trading around $10k by now. In addition to the above bullish indicators, other on-chain metrics such as Market cap to Thermocap, Exchange deposits, Percentage supply in profits, and more are turning positive. 

Collectively, if the ETH price manages a weekly close above $2.8k, we can expect a 38% breakout in the coming days. However, there is a high probability that Ethereum’s upward trajectory would be capped at around $3.7k overhead resistance.