Ethereum Rising, 2 Million Addresses Will Be In Money If $3,200 Is Broken

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Ethereum Shifts Gears:

Ethereum, mirroring the performance of Bitcoin and other top altcoins, is back above $3,000, days after the fall below $2,800. As the second most valuable coin recovers, injecting optimism among crashed token holders and traders, a close above $3,200 will be crucial in catalyzing demand.

Ethereum Rising: Will Bulls Push Above $3,200?

According to IntoTheBlock on July 10, if Ethereum edges above the $3,200 level, it will be a massive development for traders. When this happens, an estimated two million entities who traded ETH at this price point will be in the money.

Roughly 2 million traders will be in green if ETH breaks $3,200 | Source: @intotheblock via X
Roughly 2 million traders will be in green if ETH breaks $3,200 | Source: @intotheblock via X

Therefore, if prices retest this level, those who went long can exit at break even. Alternatively, other “diamond hands,” expecting more gains on the horizon, can double down and ride the expected leg up.

Thus far, there are hints of strength. However, though sellers are still in control, a breach of $3,300 will be crucial in the short to medium term. The $3,300 level, looking at the ETHUSDT candlestick arrangement in the daily chart, is previous support, but it is now resistance.

Ethereum price moving sideways on the daily chart | Source: ETHUSDT on Binance, TradingView
Ethereum price moving sideways on the daily chart | Source: ETHUSDT on Binance, TradingView

A breakout, ideally with rising volume, will likely serve as a base for more gains, lifting the coin towards a key liquidation level at $3,700 and later $3,900.

Conversely, if sellers take over, reversing recent gains and aligning with the July 4 and 5 losses, a drop below $2,800 will signal trend continuation. Looking at candlestick arrangements, Ethereum will dump to new multi-week lows in that event, even dropping to $2,500.

Eyes On Spot ETFs, Whales Accumulating As ETH Becomes Scarce

Overall, analysts are optimistic, expecting Ethereum to float higher. The anticipated launch of spot Ethereum exchange-traded funds (ETFs) in the coming days is a big catalyst behind this bullish outlook.

Like how to spot Bitcoin ETFs opened the floodgates for institutional exposure in the world’s most valuable coin, the same inflow will likely be seen in ETH. With institutional demand, supports think ETH will tear higher, breaching $4,100 and registering new 2024 highs in the coming months.

Interestingly, even the spot Ethereum ETF launch expectations do not seem to change traders’ outlook. On-chain data reveals that bullish sentiment is at a one-year low, pointing to caution among ETH holders.

ETH traders are bearish | Source: @QuintenFrancois via X
ETH traders are bearish | Source: @QuintenFrancois via X

Meanwhile, as on-chain data illustrates, ETH outflows from exchanges have increased recently. All exchanges, including Binance and Coinbase, control 10.17% of ETH in circulation. Parallel data also shows that another chunk, representing 28% of all ETH in circulation, is staked.

Feature image from DALLE, chart from TradingView

Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn’t just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn’t a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa’s full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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