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Ethereum

Ethereum Seems “Ready To Challenge All-Time High,” IntoTheBlock Says: Here’s Why

Keshav Verma
by Keshav Verma
9 months ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

IntoTheBlock has explained how Ethereum could challenge its all-time high (ATH) based on the current on-chain cost basis distribution.

Ethereum Has Little Resistance On The Path To New ATH

In a new post on X, the market intelligence platform IntoTheBlock has talked about what the on-chain cost basis distribution is like for Ethereum right now. Below is the chart shared by the analytics firm that breaks down the amount of coins that the investors bought in each price range near the current one.

Ethereum Cost Basis

Looks like the levels ahead are relatively thin in terms of investor cost basis | Source: IntoTheBlock on X

From the graph, it’s visible that several ranges below the current ETH spot value have a large dot associated to them, signifying that a large amount of investors bought at those levels, while there is only one such dot for the levels above.

Related Reading: Bitcoin Slips Under $100,000 As OGs Wake Up To Take Profits

To any holder, their cost basis is naturally a level of interest, as a potential retest of it can lead to a flip in their profit-loss status. Thus, whenever the price touches the level, they can be more prone to showing some kind of reaction.

A few investors displaying any kind of reaction isn’t enough to cause visible fluctuations in the market, but when a large number of addresses have their cost basis inside a tight range, like in those large dots in the chart, a retest may produce a reaction large enough to be relevant.

How exactly the investors might react to a retest of their break-even mark comes down to the direction from which the retest is occurring. Investors who were in loss prior to the retest may decide to sell in fear that Ethereum would dip back again in the near future.

When the retest takes place from above, though, holders may be tempted to believe the price would go up once more, so they could decide to participate in more accumulation.

Because of these buying and selling effects, large cost basis centers below the price are considered to be support zones, while those above can prove to be resistance blocks.

As it stands, Ethereum has many former ranges, but only one of the latter type. “With only minor on-chain resistance levels ahead, ETH seems ready to challenge its previous all-time high,” notes IntoTheBlock.

In some other news, the ETH Funding Rate has witnessed a spike to a multi-month high recently, as an analyst has pointed out in a CryptoQuant Quicktake post.

Ethereum Funding Rate

The trend in the ETH Funding Rate over the past year or so | Source: CryptoQuant

The “Funding Rate” is an indicator that keeps track of the ratio between long and short positions open on the Ethereum derivatives market. The indicator currently has a notable positive value, which suggests the dominance of bullish sentiment.

Related Reading: Bitcoin Surpasses $100,000 As Institutionals Run The Show: CryptoQuant

While some bullish mentality can be positive for rallies, an excess of it can be a warning sign. It now remains to be seen whether ETH will be able to continue its run despite the high funding rate or if it will observe a cooldown first.

ETH Price

At the time of writing, Ethereum is trading at around $3,900, up more than 7% over the past week.

Ethereum Price Chart

The price of the coin seems to have been stuck in consolidation recently | Source: ETHUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, IntoTheBlock.com, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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