Ethereum price could reach $2,500 amid continued bull rally.

The price of Ethereum (ETH) rose to $1,750 on Monday as investors responded positively to the launch of the Futures ETF. Key metrics on the chain provide insights into how much Ethereum's price could reach amid the ongoing rally.

The Ethereum (ETH) Futures ETF went live on Monday, sending altcoin investors into the buying spree. Data read on the chain highlighted a critical obstacle that could delay the rally.

In spot markets, bullish traders are firmly in the driver's seat.

Last week, BeinCrypto reported that the approval of the Ethereum Futures ETF attracted significant capital inflows into the ETH derivatives markets. However, the bulls dominated the spot markets as well.

Aggregate data from the order books of 21 known exchanges, including Binance and Coinbase, shows that the bulls placed active orders to buy 513,780 ETH. This is significantly higher than the sell orders of 451,500 ETH at the current price.

The exchange's on-chain market depth chart shows the volume of active ETH spot orders placed on popular cryptocurrency exchanges.

As seen above, Ethereum market demand has now exceeded the supply of 60,000 ETH. This indicates that bullish retail market participants have increased bullish sentiment to dominate the Ethereum spot market.

As market demand now exceeds supply, prices may increase as sellers compete to fill their orders.

Some Ethereum holders may close their positions early.

As bullishness spreads to the broader altcoin markets, ETH prices may experience a slight slowdown. This is because some risk-tolerant investors may want to get out of ETH positions to get more aggressive returns from lower altcoin assets.

As proof of this theory, Ethereum owners started moving their coins to exchange-hosted wallets, anticipating a convenient exit opportunity.

As evidence of this, Cryptoquant data shows that the total ETH deposited in exchange wallets stood at 14.57 million coins on September 24. But this number has ballooned to hit 14.70 on October 2.

This indicates that Ethereum holders have moved 100,000 ETH into exchange-hosted wallets in one week.

Exchange reserves track the total deposits that investors currently hold in popular crypto exchange wallets. Typically, when investors switch coins to an exchange, they may want to exit their positions.

Estimated at $1,720, the new currency flow of 100,000 ETH further eclipsed the short-term market by $172 million.

If the holders are willing to exit in search of high profit opportunities in the riskier low-copy altcoins, this could slow down the ETH price rally in the coming days.

But if bullish market sentiment continues to dominate, the bulls are likely to absorb that selling pressure and push through the rally.

ETH Price Prediction: After a short consolidation, $2,000 may be reached

The critical data points analyzed indicate that Ethereum price may continue towards $2,000 after a brief consolidation below $1,800.

The Global In/Out Currency (GOM) data, which shows the distribution of the entry price of current ETH holders, also confirms this crash prediction.

This shows that if the price of Ethereum can rise above the initial resistance at $1,800, the bulls can increase the price rally above $2,000.

As shown below, 3.3 million addresses bought 3.37 million Ethereum coins at an average price of $1,802. If the bulls sell early, they can install a significant selling wall.

But if the traders of the place continue to buy, the price of Ethereum can reach the $2,000 territory.

However, if the price of Ethereum returns below $1,500, the bears may struggle to take control. However, as shown below, 7.26 million addresses bought 14.92 million ETH coins at a minimum price of $1,535. ETH price avoids bearish decline if they make a serious effort to cover their positions.

But if ETH loses that important support level, the price could eventually drop below $1,500.