Are the Good Days Coming For Ethereum after Reclaiming $1,600?

Having traversed murky waters, all hope is not lost for Ethereum (ETH) after recently reclaiming the psychological threshold of $1,600. Market analyst Greg Miller pointed out , “Looks like $ETH finally found its footing. That falling wedge breakout + reclaiming momentum… we could see a move to $2,150 real soon. If it clears that, don’t be surprised if this is the beginning of the next leg up.” Source: Greg Miller Similar sentiments were echoed by crypto investor Ted Pillows, who said that Ethereum had to hold the $1,550 to $1,600 level for it to have a chance of breaking above $1,670 and reclaiming $2,000. Source: Ted Pillows Per CoinGecko data, Ethereum was hovering around $1,567 at the time of writing. Therefore, there is a high likelihood that ETH is poised for better days ahead after enduring prolonged periods of consolidation, which have led to price stagnation. Is Ethereum Presenting a Buying Zone? According to altcoin analyst Merlijn The Trader, “This is where smart money loads. ETH is back below realized price. Historically = generational buy zone. Not hopium. Just on-chain truth.” Source: Merlijn The Trader Realized price refers to the average price paid for a cryptocurrency based on on-chain data. Therefore, it helps determine market tops and bottoms. Ethereum’s realized price shows that the second-largest cryptocurrency is at a rock bottom, making it a significant buying zone. With optimism high that Ethereum’s good days are coming, thanks to its clear path of recovery, ETH’s options volume has been increasing after recently hitting $392.36 million, according to Coinglass data, signaling heightened market activity and interest. Meanwhile, Ethereum co-founder Vitalik Buterin recently shared a roadmap aimed at enhancing the network’s privacy without compromising the consensus mechanism.

Source: ZyCrypto