Summary
- It said that if Ethereum (ETH) falls further, it could form a strong support level in the $4300~$4400 range.
- The outlet said about 1.7 million ETH was accumulated at that price level, and the exchange average withdrawal price is also estimated at $4300.
- Pellin Ai's analyst forecasted that, considering institutional demand and derivatives positions, it could reach $6800 by the end of the year.
On the 11th (local time), Cointelegraph, a virtual asset (cryptocurrency) specialized media, reported that Ethereum (ETH) could form a strong support level in the $4300~$4400 range if it falls further.
According to the outlet, about 1.7 million ETH was absorbed into accumulation addresses at that price range, and the exchange average withdrawal price is also formed at the $4300 level. This could act as a key factor that can defend against short-term downward pressure.
Pellin Ai, a crypto asset analyst, said, "Considering institutional demand and derivatives positions, ETH is likely to rise further," and "it could reach $6800 by the end of the year," he forecasted.
As of 02:12 on the 12th, on the Binance Tether (USDT) market, ETH is trading at $4430.80, up 0.95% from the previous day.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
