ETH is above $1,200. Since November, ETH has bounced off $1,170 as it strives to break $1.3K.
Long-term investors should buy Ethereum near $1,170, according to on-chain data professionals and crypto researchers.
The price of Ethereum is firmly holding above the $1,170 support level and appears to be rising. Additionally, according to experts in on-chain data and crypto analysts, purchasing Ethereum near $1,170 would be a wise investment over the long term. A Santa Claus rally has the potential to send the price of ETH above $1,300, but traders are unsure whether such a rebound would take place given how bad the year has been for the cryptocurrency market.
According to CoinGabbar, the price of Ethereum (ETH) is currently trading above $1,200. The price of ETH has been bouncing off the $1,170 mark since November as it attempts to climb beyond $1.3K. The most crucial point to keep in mind is that since November, the price of ETH has been moving upward and has largely maintained over $1,200.
On-chain data shows that cryptocurrency exchanges' Ethereum holdings have dramatically decreased since September of this year. The Ethereum Exchange Reserve for All Exchanges measure shows a more than 30% decrease in ETH reserves on centralised exchanges.
As a result, it shows that investors are building up and are more optimistic about Ethereum. The investors are likely to hold ETH for the long term as they have taken significant quantities of money out of centralised exchanges.
Investors were also advised by cryptocurrency analyst Michael van de Poppe that $1,190 would be a favourable level for Ethereum longs. However, indices and the U.S. Dollar Index (DXY) exhibit deterioration despite the markets' encouraging signals. A significant rally might be confirmed by whale accumulation or a drop in the DXY below 104.
Rekt Capital, a cryptocurrency analyst, advises long-term Ethereum purchases near $1,170. It will be crucial to see the bitcoin price remain above $17,150 in order to validate an impending rise.