Ethereum Needs to Breach This Supply Wall For Further Rally

However, for the Ether (ETH) price to rally forward, it must first break through a supply wall just above $2,000. Citing data from IntoTheBlock, popular crypto analyst Ali Martinez reported:

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“The most significant supply wall ahead of #Ethereum is in the range of $2,000 and $2,060, where 832,640 addresses bought over 26 million $ETH. If #ETH can break through this resistance barrier, we can expect an upswing to $2,330 or even $2,750″.

Courtesy: IntoTheBlock

Ethereum Non-Exchange Addresses Accumulate

As we can see the Ethereum (ETH) price volatility has been strong around $1,900 levels with the bulls and bears engaged in an intensified battle. On the other hand, ETH supply on the exchanges has been dropping while non-exchange addresses continue to accumulate hard. On-chain data provider Santiment reports:

Ethereum is volatile today as #bulls and #bears battle around $1,900. The largest non-exchange addresses, in the meantime, continue getting richer while the top exchange addresses are near genesis levels. $ETH supply on exchanges is down to 9.2%.

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Courtesy: Santiment

While the Ethereum (ETH) price has been heading lower currently, this could be a golden opportunity to buy the dips at this point, as per the technical setup.

On Monday, June 26, crypto journalist WuBlockchain reported: “The largest short seller on GMX used 6.6x leverage to short ETH at the entry price of $1,703.97, and has lost nearly 70% of more than $1.2 million. When the price of ETH reaches $1,945.18, its short position of about $12 million in ETH will face liquidation”.

Some big investors have made a $12 million bet that the price of ETH will go down. They believe there are opportunities to make a profit if the price drops. However, if the market goes up instead, they could lose money.

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