Ethereum selling pressure collapses as ETH price enters new uptrend targeting $ 1,000 – FXStreet

• Ethereum price has finally broken through the resistance level of $ 700 and is aiming higher.
• It appears that Ethereum’s selling pressure is dropping significantly over the past week.

Bitcoin has been the dominant leader for most of this recent rally. However, it looks like the Ethereum bulls have finally woken up and pushed the digital asset to a high of $ 745, not seen since May 2018.

Ethereum price has the potential to reach $ 1000

Despite the surge in the price of Ethereum over the past few days, the number of coins on the exchanges is still declining, indicating that it is moving to other platforms, easing the selling pressure.

ETH entry chart

The Eth2 deposit agreement currently contains over 2.1 million ETH coins, worth around $ 1.55 billion at the time of writing. On the ETH / BTC pair, Ethereum has finally succeeded in turning the 4 hour downtrend into an uptrend.

4-hour ETH / BTC chart

The bulls still need to push the Ethereum price above the 100-SMA at 0.027 BTC before a full rally towards 0.03 BTC. Besides the low supply of coins on the exchanges, the miners balance also remains extremely low, dropping from 1.13 million on October 16 to only around 987,000 today.

ETH supply table

The IOMAP (In / Out of the Money Around Price) chart shows virtually no resistance above $ 700, with perhaps the most important area between $ 795 and $ 817. However, there is a significant amount of support around $ 600.

ETH IOMAP chart

While most signs point to the price of Ethereum poised to climb even higher, the TD Sequential indicator is poised to present two sell signals on the 4 hour chart and the 12 hour chart.

Confirmation of both signals could potentially push the price of Ethereum below the psychological level at $ 700 and in the worst case, all the way to the critical support area between $ 602 and $ 624.