“A daily close above would open up higher levels like $2,150 and $2,350. $1,700 is support. Below that is the prior cycle peak around $1,400.”
Ki Young Ju, chief executive of on-chain insights platform CryptoQuant, notes Ethereum’s ecosystem is still growing.
“Supply distribution differs from the 2019 bear market. Half of the supply is staked in DeFi [decentralized finance], ETH 2.0, etc. It reminds me that ETH had nothing but ICO [initial coin offering] back in 2019. I’m glad now people talk about fundamentals.”
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