Market experts perceive this holding trend as important, especially in light of the overall market sentiment shaped by the so-called \u201cTrump Trade,\u201d which has assisted in alleviating risks and enhancing market circumstances<\/a>.<\/p>\n According to the onatt, the CryptoQuant analyst responsible for this analysis, this pattern of retaining ETH without substantial profit-taking<\/a> implies that numerous investors still view the digital asset as \u201cundervalued,\u201d even at its heightened points.<\/p>\n Another factor mentioned by onatt that supports this insight is the scant influx of ETH to prominent exchange deposit addresses such as Binance and OKX, signaling that traders are not relocating their funds for selling.<\/p>\n Typically, considerable amounts of ETH pouring into exchanges signify upcoming selling pressure. Nonetheless, this has not transpired, reflecting a cautious yet positive outlook<\/a> among retail market players.<\/p>\n Another significant metric the CryptoQuant analyst underscored, which reinforces this \u201chold\u201d sentiment, is the Spent Output Profit Ratio (SOPR), designed to monitor the profitability of spent coins.<\/p>\n onatt reveals that this metric hovers around 1, indicating that the majority of Ethereum transactions occur near breakeven points. This data reflects a scarcity of considerable profit<\/a> realization among ETH holders, underscoring a robust \u201cbuy and hold\u201d sentiment.<\/p>\n According to the analyst, when combined with minimal exchange inflows, this metric also points to investors maintaining faith in Ethereum\u2019s long-term growth potential<\/a>.<\/p>\n Additionally, onatt’s assessment indicates that as long as ETH remains above the $2,800 mark, it could set the stage for a rapid advance towards the $4,000 range.<\/p>\n Currently, Ethereum is still trading slightly above $3,000. While the asset\u2019s price rise does not compare to that of BTC, it has successfully sustained stability above this vital psychological price point.<\/p>\n As of this writing, ETH has risen by 0.2% in the last 24 hours, with a current trading price of $3,100\u2014a figure that places Ethereum 36.4% below its all-time high (ATH) of $4,878 recorded in 2021.<\/p>\n Analysts have indicated<\/a> that the current market price of ETH represents a notable buying opportunity for the asset. A cryptocurrency enthusiast known as venturefounder has particularly forecasted<\/a> a \u201cconservative\u201d $10k-$13k price target for ETH.<\/p>\n $ETH<\/a>: road to $13k<\/p>\n This could be a transformative cycle for #Ethereum<\/a>.<\/p>\n $10k-$13k is conservative. pic.twitter.com\/q3Er9EG9gS<\/a><\/p>\n \u2014 venturefounder (@venturefounder) November 19, 2024<\/a><\/p>\n<\/blockquote>\n Featured image generated with DALL-E, Chart from TradingView<\/p>\nRestricted Ethereum Deposits To Exchanges<\/h2>\n
Crucial Metric Emphasizing Investor Sentiment<\/h2>\n
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