- The increase in the Coinbase premium gap suggests a rise in ETH price.
- However, ETH may never reach $4,000.
According to data from CryptoQuant, crypto investors Ethereum [ETH] It happened in large quantities, which is evident from the Coinbase Premium Gap trend.
This metric measures the difference between the ETH price on Coinbase and Binance. If the price is falling, it means that American investors are either selling ETH or refraining from buying.
Americans Now Trust Altcoins
However, higher readings such as the recent rise to 0.78 suggest strong buying pressure from the U.S. According to research from AMBCrypto, increased exposure to Ethereum is Ethereum ETF launch imminent.
But other than that provide Altcoin prices are likely to rise. For example, in March 2023, the Coinbase Premium Gap fell to one of its lowest points in history.
Source: CryptoQuant
This caused the price of ETH to drop below $1,400. The same indicator reached its highest point in March 2024. At that time, ETH jumped to $4,065.
At the time of writing, ETH’s market cap was $3,194, down 34.70% from its all-time high, but if buying pressure continues to grow in the US and other parts of the world, the price could rise. Erase part of this reduction.
Additionally, the data tracked by IntoTheBlock provides context for the price Ethereum could reach if accumulation strengthens.The particular metric that AMBCrypto focused on is IOMAP.
ETH Set to Retest $3,437 Despite Neutral Sentiment
IOMAP stands for In/Out of Money Around Price. Additionally, this indicator detects buying and selling zones that should act as support or resistance.
Categorize addresses based on which are profitable, which are breaking even, and which are not.
The larger the cluster of addresses at a price range, the stronger the support or resistance it offers. At the time of writing, 3.56 million Ethereum addresses were in profit, buying 2.47 million ETH at an average price of $3,140.
On the right, 2.02 million addresses purchased 4.01 million ETH at around $3,242, making no profit. Big address of moneyETH may break out above the resistance at $3,242.
Source: IntoTheBlock
If so, the next area the cryptocurrency could reach could be $3,347. AMBCrypto checked the Ethereum Fear and Greed Index to see if that would be the next area. A good time to buy Ethereum.
Furthermore, the index ranges from 0 to 100, with values closer to 0 indicating fear and values closer to 100 indicating greed. At the time of writing this article, the index was 39, meaning there was neither extreme fear nor greed.
Source: X
read Ethereum [ETH] Price Prediction 2024-2025
However, this reading provides an opportunity to buy altcoins as the launch of an ETF appears to be a bullish event.
Although ETH price appears to be trending upwards, a drop in overall interest could invalidate the prediction.
