- Ethereum showed signs of bullish momentum after a recent price pullback.
- Metrics indicated reduced selling pressure and increased market participation.
As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely monitored Ethereum’s [ETH] recent price movements and underlying market dynamics. Based on my observations and the available data, Ethereum appears poised for a potential bullish continuation.
After experiencing a decline of 13.25%, Ethereum [ETH] exhibited a robust sign of recovery. The cryptocurrency’s value rebounded from the resistance level of the bullish flag pattern and registered a growth of approximately 6%, reaching $3257.44 as reported currently.
This pullback to the bullish flag formation’s lower boundary often precedes a potential breakout.
At the moment of composition, Ethereum was building up positive energy and making its way toward the next barrier of resistance.
Previously, this trend has signaled build-up periods during which buyers have been more active than sellers, paving the way for a robust bull market.
Dormant wallet activity
An intriguing event unfolded in the Ethereum blockchain as approximately 92,500 ETH were moved from an inactive digital wallet on date X. This notable transaction was highlighted by Lookonchain via a tweet.
Approximately 92,500 ether tokens worth around 294.9 million dollars have been moved from an Ethereum Foundation-linked wallet to a new address nine hours ago. This transfer occurred after a long period of inactivity, spanning over 6.6 years. By tracking the blockchain transactions, it was uncovered that these ether tokens were originally received by this wallet on September 1, 2015, from the Ethereum Foundation.
Reduced Ethereum selling pressure
As an analyst, I’ve delved deeply into the metrics provided by AMBCrypto and uncovered some intriguing findings. Based on the exchange net flow data, it appears that the amount of cryptocurrency being deposited into exchanges is less than the typical weekly volume.
A decrease in deposits resulted in less pressure to sell, since fewer coins were transferred from wallets to exchanges for trading purposes.
Based on my extensive experience in the field of cryptocurrency analysis and having closely monitored market trends for years, I can confidently say that a remarkable increase of 39.14% in the total number of active addresses compared to the previous day is a noteworthy development. This growth indicates heightened activity within the blockchain network, which could potentially lead to increased transactions and trading volume. Such a surge might be driven by various factors including market sentiment, new users, or specific events within the crypto ecosystem. It’s an exciting time for those closely following this space!
As an analyst, I’ve noticed a significant uptick in the number of active Ethereum addresses. This trend indicates a surge in market engagement and enthusiasm towards Ethereum, which in turn bolsters the bullish perspective.
At present, a bullish trend for Ethereum is indicated by the predominance of buy orders in the market.
As a researcher studying market trends, I’ve observed an intriguing dynamic based on the Funding Rate. Long-position investors have been ready to pay a premium to short-position investors to keep their positions open. This indicates that these leveraged investors held confidence in Ethereum (ETH)’s price surge and were willing to pay a fee for the opportunity to maintain their long positions.
What’s ahead for ETH?
The current atmosphere in Ethereum’s market indicates a possible bullish trend continuation. According to technical analysis, a rally could ensue following a test of the bullish flag’s support level.
Read Ethereum’s [ETH] Price Prediction 2024-25
On-chain metrics suggested a reduced selling pressure on Ethereum.
The various indicators pointed towards a possible bullish surge toward the next resistance level, which is approximately $3565.33.
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2024-07-27 08:18