Ethereum (ETH) witnesses significant gains, surging past $1800, with potential for more long-term profits. Bulls are eyeing the $1900 price level as key indicators favor their control.
Ethereum (ETH) has followed Bitcoin’s lead, registering notable gains over the past week. Its bullish rally from the $1,550 support level has extended, resulting in a 20% gain and the price trading above the critical $1,800 mark.
This rise has exceeded the $1,700 target, as predicted by AMBCrypto on October 23, based on the accumulation of ETH by whales. With $1,800 now serving as support, bulls may have their sights set on reaching the next milestone at $1,900.
Bulls had to overcome key price hurdles at $1,680 and $1,745, which they accomplished with a single bullish candle on the 12-hour timeframe, demonstrating strong buying pressure, as indicated by the Relative Strength Index (RSI) at 74.
The On Balance Volume (OBV) also supported the bullish move, surpassing a significant bearish zone at $1,800. Despite a brief pullback on October 24, bulls successfully turned this level into support with a candle closing above it in the last 12 hours.
This positive momentum suggests that bulls may continue pushing towards the $1,900 price level, especially if Bitcoin extends its bullish run beyond $35,000.
Additionally, the Market Value to Realized Value (MVRV) ratio for the past 90 days shows that long-term ETH holders (holding for 3 months or more) are sitting on 9.2% of unrealized profits at the current price, potentially encouraging them to maintain their positions.
Furthermore, the decreasing supply on exchanges indicates diminishing selling pressure, providing additional support for the bullish case in pursuit of $1,900.
