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<img width="1920" height="1080" src="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg" class="attachment-full size-full wp-post-image" alt="" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News.jpg 1920w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-300x169.jpg 300w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1224x689.jpg 1224w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-768x432.jpg 768w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-1536x864.jpg 1536w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-678x381.jpg 678w, https://coingape.com/wp-content/uploads/2023/12/Ethereum-ETH-News-150x84.jpg 150w" sizes="(max-width: 1920px) 100vw, 1920px">
<p>As the bitcoin (BTC) price jumped 7% shooting past $45,000 in the wake of Bitcoin ETF approval, altcoins too joined the party. The Ethereum (ETH) price is up once again by 5% moving closer to $2,400.</p> 
<p>On-chain indicators for Ethereum continue to show strength suggesting a much larger rally ahead from here onwards. Predictions are already strong that the <a href="https://coingape.com/ethereum-price-prediction-will-et-price-hit-10000-in-2024/" target="_blank" rel="noopener">ETH price can rally all the way to $10,000</a> by this year’s end.</p> 
<h3 id="ethereum-eth-on-chain-indicators">Ethereum (ETH) On-Chain Indicators</h3> 
<p>In a recent market analysis, renowned crypto analyst Ali Martinez expressed a bullish outlook for Ethereum (ETH). Martinez highlighted a promising path ahead for Ethereum, emphasizing the absence of significant supply barriers, which could pave the way for potential gains to $2,700 or beyond.</p> 
<p>Additionally, the analysis pointed out a robust demand wall at $2,000, indicating substantial support that may act as a cushion in the event of corrections. The positive forecast aligns with the current market dynamics, reflecting optimism regarding Ethereum’s price trajectory in the near term.</p> 
<figure id="attachment_171883" aria-describedby="caption-attachment-171883" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171883" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand.jpeg" alt="" width="2352" height="860" srcset="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand.jpeg 2352w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-300x110.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-1224x448.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-768x281.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-1536x562.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-2048x749.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Supply-Demand-150x55.jpeg 150w" sizes="(max-width: 2352px) 100vw, 2352px">
 <figcaption id="caption-attachment-171883" class="wp-caption-text">
  Courtesy: <a href="https://twitter.com/ali_charts/status/1741814848982327779" target="_blank" rel="noopener">Ali Martinez</a>
 </figcaption>
</figure> 
<p>In insights shared by crypto analyst Ali Martinez, the Ethereum MVRV Pricing Bands indicate pivotal price targets for the cryptocurrency. Martinez pointed out that, according to the data, the next significant price targets for Ethereum ($ETH) are identified at $3,830 and $5,100. This analysis provides valuable guidance for investors and market participants, shedding light on potential future price movements in the Ethereum market.</p> 
<figure id="attachment_171884" aria-describedby="caption-attachment-171884" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171884" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands.jpeg" alt="" width="2362" height="1494" srcset="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands.jpeg 2362w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-300x190.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-1224x774.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-768x486.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-1536x972.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-2048x1295.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-MVRV-Bands-150x95.jpeg 150w" sizes="(max-width: 2362px) 100vw, 2362px">
 <figcaption id="caption-attachment-171884" class="wp-caption-text">
  Courtesy: Ali Martinez
 </figcaption>
</figure> 
<h3 id="eth-exchange-supply-falling-sharply">ETH Exchange Supply Falling Sharply</h3> 
<p>Another positive indicator for Ethereum is the sharp drop in the exchange supply. Data from Santiment reveals that the supply of ETH tokens on exchanges has reached an unprecedented all-time low since the inception of Ether.</p> 
<figure id="attachment_171888" aria-describedby="caption-attachment-171888" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171888" src="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply.png" alt="" width="3840" height="1300" srcset="https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply.png 3840w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-300x102.png 300w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-1224x414.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-768x260.png 768w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-1536x520.png 1536w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-2048x693.png 2048w, https://coingape.com/wp-content/uploads/2024/01/Ethereum-ETH-Exchange-Supply-150x51.png 150w" sizes="(max-width: 3840px) 100vw, 3840px">
 <figcaption id="caption-attachment-171888" class="wp-caption-text">
  Courtesy: Santiment
 </figcaption>
</figure> 
<p>As of the latest data, Ethereum’s supply on exchanges represents only 8.04% of the total ETH supply. This marks the lowest level recorded since the cryptocurrency’s genesis. The on-exchange supply of an altcoin like ETH often plays a crucial role in influencing its market price. A decrease in the supply is generally perceived as a bullish indicator, suggesting a potential reduction in selling pressure on ETH.</p> 
<p>Ethereum co-founder Vitalik Buterin recently shared a <a href="https://coingape.com/markets/ethereum-price-prediction-buterins-2024-roadmap-rally-to-5000/" target="_blank" rel="noopener">roadmap</a> that seeks to improve the efficiency of the PoS system.</p> 
<p>The post <a href="https://coingape.com/ethereum-eth-price-poised-for-2-3x-gains-as-per-these-on-chain-indicators/">Ethereum (ETH) Price Poised for 2-3x Gains As Per These On-Chain Indicators</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum (ETH) Price Poised for 2-3x Gains As Per These On-Chain Indicators

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