Bitcoin
$ 18,959
Ethereum
$ 588.25
Litecoin
$ 86.68




Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish

Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish


Ethereum has undergone a strong rally over the past few days amid a Bitcoin push higher. In the past seven days, ETH has gained around 10%, pushing from the $370 region to $410 as of this article’s writing. ETH is expected to push higher as there are fundamental and on-chain trends that favor bull trends.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Key Ethereum On-Chain Trends Bullish

Ethereum is expected to move higher in the days and weeks ahead as on-chain trends remain bullish. Santiment, a blockchain analytics firm, recently shared the chart seen below, showing that the number of active ETH addresses has increased while miners aren’t selling:

“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”

Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH Technicals Also In Positive State

The technicals for the leading cryptocurrency are also in a positive state. One crypto-asset swing and day trader recently shared that with the push above $395, a move towards $490 is becoming increasingly likely:

“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”

Others echoed this sentiment.

Ethereum crossing above the pivotal resistance levels in the $390-400 range is pivotal for the bull case. ETH holding above that region should result in further gains in the weeks ahead.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: ethusd, ethbtc, ethusdt
Charts from TradingView.com
Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish





Source link

Related Posts

Hot Posts

South African Google Searches for Bitcoin Spike Amid Economic Uncertainty
March 19, 2018By
Blogger ‘Bitfinex’ed’ Hires Legal Counsel to Fight Bitfinex Lawsuit
March 19, 2018By
EOS, Cardano and Tezos: Sleeping Giants Starting to Stir
March 19, 2018By


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin18,959 0.66 % 1.28 % 7.40 %
Ethereum588.25 0.79 % 3.13 % 21.99 %
XRP0.6813 1.39 % 1.89 % 125.48 %
Tether0.9984 0.13 % 0.12 % 0.07 %
Bitcoin Cash339.28 0.80 % 1.82 % 32.91 %
Chainlink15.12 0.77 % 2.96 % 14.39 %
Litecoin86.68 0.87 % 3.66 % 13.58 %
Cardano0.1681 0.36 % 0.27 % 53.52 %
Polkadot5.560 0.47 % 3.40 % 15.07 %
Binance Coin32.73 0.38 % 1.49 % 14.86 %