Ethereum jumps on US-Iran optimism – Can $1,820 come next?
Exchange Reserves rose by 76,000 ETH during the past week.
Ethereum extended its gains on the 15th of June, rising 2.75% for a second consecutive day. The move followed improving market sentiment after reports of a U.S.-Iran peace deal and the reopening of the Strait of Hormuz.
At press time, ETH traded at $1,720 after gaining 2.75% over the previous 24 hours. Trading volume jumped more than 65% to $4.95 billion, reflecting stronger market participation.
Are investors still accumulating ETH?
Despite the rally, one metric continued to raise concerns.
According to CryptoQuant, Exchange Reserves increased by 76,000 ETH over the past week. Rising reserves typically indicate growing selling pressure as more tokens move onto exchanges.
However, Spot Inflow/Outflow data from CoinGlass painted a different picture. Over the past 24 hours, roughly $21.72 million worth of ETH left exchanges. Exchange outflows often signal accumulation as investors move assets into private wallets.
On top of that, whale activity remained supportive.
A crypto transaction tracker reported on X that an Ethereum ICO whale borrowed 10 million USDe from Aave and purchased 5,817 ETH at an average price of $1,719. That purchase suggested continued confidence in Ethereum’s near-term prospects.
What are traders betting on?
Retail and derivative traders appeared to share the same bullish outlook.
According to CoinGlass, ETH’s Long/Short Ratio climbed to 1.0358, showing a slight advantage for bullish positions.
Meanwhile, $1,684.1 and $1,738.1 emerged as major liquidation zones. Data showed traders had built $457.28 million in long positions near $1,684.1. By contrast, short positions totaled $193.54 million near $1,738.1.
That imbalance suggested bulls maintained a stronger conviction than bears. This left traders focused on whether buyers could defend recent gains.
Can Ethereum reach $1,820 next?
According to the daily chart, Ethereum’s short-term outlook remained bullish. However, its broader trend stayed under pressure. ETH continued to trade below its 200-day Exponential Moving Average (EMA), a sign that long-term sellers still held control.
Even so, Ethereum [ETH] recently broke above the $1,720 resistance level and closed a daily candle above it. The level had capped price advances since the 7th of June.
If ETH holds above $1,720, it could extend its rally toward $1,820. A move below $1,700, however, could weaken the current structure and invite fresh selling pressure.
Meanwhile, the Average Directional Index (ADX) stood at 48.06. A reading above 25 typically signals a strong trend, supporting the current bullish momentum.
Final Summary
- A whale purchased 5,817 ETH after borrowing 10 million USDe from Aave.
- Holding above $1,720 could open the door to a move toward $1,820.
