23 Nov 2024

Ethereum price today: $3,300

• Ethereum on-chain metrics indicate selling pressure among long-term holders in the past few days.
• Ethereum ETFs recorded a sixth consecutive day of negative flows with $9 million in outflows on Thursday.
• Ethereum could prevail over the $3,400 resistance level and stage a 10% rally to $3,732.

• Ethereum (ETH) trades near $3,300 on Friday as on-chain data shows investors' profit-taking has weighed down on its price. The top altcoin could stage a 10% rally to $3,732 if it retests and overcomes the $3,400 resistance level.

  Ethereum investors realize profits following recent price rise

  Since Ethereum's 10% rise on Thursday, Santiment's data revealed that investors have booked nearly $1 billion in profits — one of the highest in the past three months.

  Most of the profit-taking potentially came from long-term holders, as revealed by the spike in ETH's Age Consumed metric, which measures the number of ETH changing addresses daily relative to the days since they last moved. Spikes in this metric indicate a large number of previously idle tokens moved between addresses.

  ETH's Mean Coin Age metric, which measures the average number of days all ETH stayed in their current addresses, has also been trending downward in the past four days, signaling distribution or selling activity among holders

  A similar trend is visible in a Friday X post by Lookonchain, which revealed that an Ethereum whale sold 73,356 ETH worth $224.42 million over the past two weeks following the recent price increase.

  The selling activity is also evident in ETH's staking flows, which show that withdrawals have consistently outpaced deposits over the past seven days. This has caused a slight downturn in the total number of ETH staked.

  Ethereum is currently experiencing a decline in sentiment among institutional investors, following reported outflows of $9 million from ETH ETFs on Thursday. This marks the first instance of six consecutive days of outflows since August.
  
  Nevertheless, indicators such as ETH exchange net flows and open interest suggest a modestly positive trend. According to data from CryptoQuant, the leading altcoin has experienced net outflows exceeding 100,000 ETH, valued at approximately $320 million, over the past three days. In contrast to ETF flows, the outflows from exchanges reflect buying pressure.
  
  Additionally, Ethereum's open interest reached a new all-time high, surpassing the $20 billion threshold on Thursday, as reported by Coinglass.
  
  In terms of price outlook, Ethereum has declined by 1% following $49.32 million in futures liquidations within the last 24 hours, with liquidated long positions totaling $28.32 million and short positions amounting to $21 million.
  
  For the past two weeks, ETH has been trading within a significant rectangular channel, facing resistance near the $3,400 mark and support around the psychological level of $3,000. On Thursday, the leading altcoin encountered a rejection at the rectangle's resistance for the second time and is currently testing the Exponential Moving Average (EMA) blue line.