$ETH Price Target 24/09/2021 USD 3300
Looking at the recent price action between 12th May and 26th June and overlaying this on price performance from 20th Feb to 28th Feb I target a double bounce off USD 2000 for $ETH in July before commencing a trend up to USD 3300 by mid/end September.
Likely there will be a consolidation:
$ETH Price Target 24/10/2021 USD 2700
Followed by a further trend upwards towards the end of 2021
For the many who presumed that sub-$2,000 Ethereum could never be a thing again as prices were soaring about $4,000 just six weeks ago, it's been a wild ride. Here's how things look now:
Historically, an average MVRV (30d) of -16.9% implies a less risky opportunity to buy than normal.
Weighted Social Sentiment (Twitter)
The crowd sentiment toward Ethereum is historically low now, a great potential opportunity to buy against the masses.
ETH fees are at their lowest point since December, 2020, clearly allowing more flexibility for users to move assets.
Active Addresses vs. Deposits
There was a pretty large uptick in active deposits a few days ago, but more or less, non-active addresses vs. active deposits are about even with one another, historically.
Supply on Exchanges
Supply has moved back to exchanges considerably since May's all-time high.
Token circulation has dried up heavily compared to market cap.