Ethereum, the popular altcoin, has shown remarkable resilience by maintaining its position above the $3,000 mark despite recent market fluctuations. This steadfastness has sparked optimism among investors, who believe that Ethereum could experience a bullish rally in the near future.
Although the crypto market as a whole has been volatile, Ethereum has demonstrated its ability to withstand the turbulence. Its ability to trade comfortably above $3,000 has led investors to anticipate further price increases. They have faith that this crucial support level will serve as a launching pad for a recovery and push towards new highs.
One indicator supporting this bullish sentiment is the significant amount of Ethereum held by investors within a 20% rally range. The Global In/Out of the Money (GIOM) indicator reveals that investors have acquired a staggering 9.14 million ETH, valued at over $27.4 billion, within the price range of $3,537 and $3,118. These investors are determined to hold onto their positions until they generate substantial profits.
Despite a recent market correction, the Net Unrealized Profit/Loss (NUPL) indicator suggests that Ethereum still has potential for a bullish resurgence. Investors remain optimistic and believe that the digital asset has plenty of room for upward momentum.
However, if Ethereum’s price were to drop below the crucial $3,000 support level, it could test the critical $2,736 level. A failure to hold this line would invalidate the bullish outlook and could result in a further decline in the asset’s value.