- The ETH crypto price is pausing for higher levels.
- The top 10 holders of Ethereum have 45.06% of the supply.
A recent X post by @jjcmoreno shows a huge demand spike in the Ethereum coin. By taking the data from CryptoQuant, he states that on the 13th of June, the second-highest buying by permanent holders in Ethereum was recorded.
Ethereum demand has spiked.
— Julio Moreno (@jjcmoreno) June 13, 2024
Buying by permanent holders was the second highest on record yesterday: 298K ETH.
The record daily buying was last September 11: 317K ETH. pic.twitter.com/0qMVpNU8ht
Ethereum is a decentralized blockchain platform enabling smart contracts and dApps. Ether (ETH), its native cryptocurrency, powers transactions and services.
Created by Vitalik Buterin and launched in 2015, Ethereum’s notable upgrade, The Merge, transitioned it to proof-of-stake, enhancing energy efficiency, security, scalability, and decentralization.

Over the last 24 hours, from press time, the Ethereum market cap has been trading flat, followed by a slight increase of 0.36%. Despite this, the trading volume of the crypto has declined by 20.0%.
The crypto liquidity is also medium, resulting in a volume/market cap ratio of 3.28%. Additionally, the maximum crypto supply is infinite and has advanced by 829780% from its all-time low.
What Does Derivatives Data Say About Ethereum?
The derivatives of Ethereum have been low in activity for the last 24 hours from press time.

The liquidation chart of the crypto shows a strong fight between the bulls and bears, as the liquidation candles are the same on both sides.
The derivatives traded volume for the crypto has witnessed a decline of 28.4% in the last 24 hours, followed by a decline of 51% in the options volume of the crypto.
Also, a huge long liquidation worth $16.79M was recorded in the last 24 hours, followed by a short liquidation of $5.27M.
ETH Crypto Technical Analysis
After hitting the swing of $3,974, the ETH crypto price is paused, and profit booking is witnessed.

After breaking out of the descending triangle pattern on the daily chart, the price of the ETH crypto advanced by 25% in just a few days. Despite this surge, the crypto price is slightly declining from the higher levels at press time.
Further ahead, a strong change of character level is formed at the level of $3,780. If the ETH price breaks above the given level and sustains above the same, a further continuation of the uptrend might be seen.
ETH/USD Chart by TradingView
The technical indicators on the ETH crypto’s daily chart further support an uptrend.
The ETH crypto price is taking support at 50-day EMA on the daily chart at press time. Also, the 50-day and the 200-day EMAs have been trading in a golden crossover for a long time.
On the other hand, MACD is opposing the surge in price as its metrics are trading in a bearish cross. Despite this, MACD and the signal line are trading bullish.
The RSI has further declined below the 50-level and the 14-day SMA, which shows weakness in the momentum of the crypto. Therefore, one must wait for the RSI to rebound above the 50 level.
Summary
Ethereum has seen a strong inflow of buyers, with a notable demand spike reported on June 13. However, despite recent advances, the price is pausing and experiencing profit booking.
Technical indicators show mixed signals, with the MACD and RSI suggesting potential weakness, making the short-term outlook uncertain.
The support level for the Ethereum crypto is $2825 and $3060, followed by the resistance levels of $3880 and $4080.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.