Having traversed murky waters, all hope is not lost for Ethereum (ETH) after recently reclaiming the psychological threshold of $1,600.
Market analyst Greg Miller pointed out, “Looks like $ETH finally found its footing. That falling wedge breakout + reclaiming momentum… we could see a move to $2,150 real soon. If it clears that, don’t be surprised if this is the beginning of the next leg up.”
Similar sentiments were echoed by crypto investor Ted Pillows, who said that Ethereum had to hold the $1,550 to $1,600 level for it to have a chance of breaking above $1,670 and reclaiming $2,000.
Per CoinGecko data, Ethereum was hovering around $1,567 at the time of writing.
Therefore, there is a high likelihood that ETH is poised for better days ahead after enduring prolonged periods of consolidation, which have led to price stagnation.
Is Ethereum Presenting a Buying Zone?
According to altcoin analyst Merlijn The Trader, “This is where smart money loads. ETH is back below realized price. Historically = generational buy zone. Not hopium. Just on-chain truth.”
Realized price refers to the average price paid for a cryptocurrency based on on-chain data.
Therefore, it helps determine market tops and bottoms. Ethereum’s realized price shows that the second-largest cryptocurrency is at a rock bottom, making it a significant buying zone.
With optimism high that Ethereum’s good days are coming, thanks to its clear path of recovery, ETH’s options volume has been increasing after recently hitting $392.36 million, according to Coinglass data, signaling heightened market activity and interest.
Meanwhile, Ethereum co-founder Vitalik Buterin recently shared a roadmap aimed at enhancing the network’s privacy without compromising the consensus mechanism.
