According to a recent tweet from blockchain tracking firm glassnode alerts (@glassnodealerts), the Ethereum (ETH) Amount of Supply Last Active 3y-5y (1d MA) has surged to a 3-month high of 12,726,298.738 ETH. This marks a significant increase from the previous 3-month high of 12,673,320.712, recorded on 16 January 2023. As always, we’ll monitor the situation closely and update you on any further developments.
In the latest update, CoinMarketCap reports that the current value of ETH is $2,096.12 as of press time. The altcoin leader has recorded a 0.32% gain in the past 24 hours and a remarkable weekly gain of over 14%.
In the past 24 hours, ETH has demonstrated its resilience by gaining 0.66% against the dominant cryptocurrency, Bitcoin (BTC). This has led to an estimated value of 0.06913 BTC for 1 ETH at the time of writing. Additionally, the altcoin’s price has been fluctuating between its 24-hour low of $2,076.83 and its daily high of $2,111.08. These figures indicate that ETH is holding its ground in the market and continuing to make strides towards its goals.
ETH’s daily chart has confirmed the bullish ascending triangle pattern, paving the way for a significant breakthrough. On Thursday, the cryptocurrency surged past the crucial resistance level of $1,920, indicating a positive trend in the market. This development is a promising sign for investors and traders, suggesting a potential uptrend shortly.
The upward trend persisted on Friday, as the top altcoin surpassed the resistance level at $2,015 and established it as a solid support. The price surged to a peak of $2,128.76 before experiencing a slight decline and settling at $2,099.99 by the end of the trading session.
The current market trend for ETH indicates a potential challenge to the resistance level at $2,170. Nevertheless, a careful analysis of the technical indicators on ETH’s daily chart reveals that the crypto’s price may have peaked. The vertex supports this observed on ETH’s daily RSI chart, which suggests a possible downward trend shortly. Investors are always advised to exercise caution and make informed decisions based on thorough research and analysis.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
