Price Ethereum reached an 11-month high, as ETH rates exceed withdrawals. The price of Ethereum has overcome key resistance at the level 2000 dollars after, how the capitalization of the crypto market began to grow to the level 1,3 trillion dollars. Experts predict an increase in prices for Ethereum in the range from 2400 to 2800 Dollars.
- The price of Ethereum has sharply overcome the key resistance at the level 2000 Dollars, and the capitalization of the cryptocurrency market approached 1,3 trillion dollars.
- Experts say, that the producer price index released on Thursday indicates that, that market participants are moving towards disinflation, fueling bullish sentiment among holders of risky assets.
- Twitter's partnership with eToro is another driver of Ethereum's rise to 2000 Dollars.
Statistics :
- At some point 13 April after the upgrade in Shanghai could be seen, that Ethereum deposits are outpacing withdrawals.
- 70% withdrawn ETH goes to the Kraken exchange, whose betting service was recently shut down by the SEC.
- Ethereum whales reacted to the Shanghai update: owners of large wallets dumped 400 000 ETH for 48 hours.
Expected, that Ethereum holders will start withdrawing their ETH from the network after the Shanghai update. Hardfork allowed users to withdraw their deposits for the last year and a half, but, contrary to market forecasts , altcoin holders instead decided to re-invest their money in staking.
- Ethereum holders expect a bigger rally, before withdrawing your ETH, to sell it at a profit.
- Low withdrawal rates lead to higher deposits, since the bullish sentiment on ETH at the moment will attract investors to it. 70% of the withdrawals in the queue were on the Kraken cryptocurrency exchange.
The reason for this is regulatory repression., encountered by Kraken some time ago. Back in February, the Securities and Exchange Commission (SEC) fined the stock exchange 30 million dollars and asked to close her betting service.
These Three Catalysts Boost the Price of Ethereum
Growth of cryptocurrency market capitalization, US PPI data and Twitter's partnership with eToro to bring crypto trading to users are key catalysts, which contributed to the growth of Ethereum to the level 2000 Dollars.
The capitalization of the crypto market is approaching 1,3 trillion dollars after bitcoin's massive rise to the psychological barrier in 30 000 Dollars. Rising market capitalization of digital assets is a sign of growing confidence among crypto traders in cryptocurrencies, like Ethereum.
Interesting, that the publication of the US consumer price index for March 2023 of the year and the Producer Price Index on Thursday show, that traders expect disinflation. This is a bullish sign for risky assets., such as Ethereum.
Where is Ethereum going next?
ETH is on the path to growth in the area between the levels 2400 And 2800 Dollars. The price of Ethereum may rise to the level 2400 dollars due to the lack of critical resistance between 2000 And 2400 Dollars.
As soon as the price of Ethereum overcomes the resistance at the level 2400 And 2800 Dollars, the next target for the altcoin will be the level 4000 Dollars.
