ETH’s Realized Market Cap Reaches 8-Month High: Report

• Ethereum’s realized cap has reached an 8-month peak of $181.6 billion.
• Ethereum is testing a crucial price level, potentially escalating to $1,980.
• Ethereum’s 9-day EMA line indicates a short-term selling momentum.

Glassnode Alerts, the on-chain tracking platform, revealed in a tweet today that the realized cap for Ethereum reached an 8-month high recently. According to the post, the altcoin leader’s realized cap reached $181,606,579,492.76.On-chain analytics provider Glassnode Alerts recently tweeted that Ethereum’s (ETH) realized cap has hit an 8-month peak. The tweet indicated that the leading altcoin’s realized cap has surged to $181.6 billion.

At the time of writing, Ethereum (ETH) is poised to test a crucial price level. Should ETH conclude today’s trading session above the $1,850 mark, it could escalate to $1,980 in the forthcoming fortnight. The bullish scenario will be validated if the digital currency’s price surpasses and settles a daily session above the 20-day Exponential Moving Average (EMA) line, which currently stands at approximately $1,854.62.

Nonetheless, should the altcoin’s value fail to maintain the backing of the 9-day EMA line, currently at approximately $1,848.76, within the forthcoming 48 hours, it will probably retract to evaluate the bullish trend line on its graph, which lies between $1,829.35 and $1,840. A breach beneath this line could expose ETH to a steep decline towards $1,690 in the subsequent weeks.

Crypto investors and traders should keep a close eye on the 9 EMA and 20 EMA lines on the daily chart of Ethereum (ETH) in the coming days. As of the latest update, the 9 EMA line is bearishly positioned below the 20 EMA line, indicating a short-term selling momentum. However, this trend could shift as the gap between these two technical indicators gradually closes.

Should the 9-day Exponential Moving Average (EMA) line for Ethereum (ETH) successfully execute a bullish crossover above the 20-day EMA line, it would provide the necessary momentum for ETH to reach a price point of $1,980 in the forthcoming As per the latest data from CoinMarketCap, the price of ETH has remained relatively stable over the last 24 hours, registering a marginal gain of 0.01% during this period. Consequently, ETH was trading at $1,847.98 at the time of reporting.