The esteemed blockchain tracking firm glassnode alerts (@glassnodealerts) shared a noteworthy update this morning. According to their tweet, the number of Ethereum (ETH) addresses in profit (7d MA) has soared to an unprecedented high of 67,747,106.744. This impressive feat comes on the heels of the recent implementation of the “Shapella fork.”
As of publication, the foremost altcoin has surpassed the significant $2,000 threshold, currently resting at $2,107.05, as reported by CoinMarketCap. Despite experiencing a slight dip of 0.33% within the past 24 hours, Ethereum’s weekly price performance remains positive, boasting a growth of +12.49%.
In the latest market update, ETH has demonstrated its resilience by gaining 0.83% against the dominant cryptocurrency, Bitcoin (BTC). As of now, 1 ETH is valued at approximately 0.06919 BTC. Moreover, ETH is currently hovering near its 24-hour peak of $2,120.59, while its daily low is around $2,049.08. These figures indicate a promising trend for ETH, showcasing its potential to hold its ground in the volatile crypto market.
According to the daily chart analysis of ETH/USDT, the current trading price of ETH is positioned above the 9 and 20 EMA lines, following a commendable 3-day upward trend. This impressive sequence has seen ETH’s value soar from a low of $1,852.65 on Wednesday to a remarkable high of $2,128.76 yesterday.
During today’s trading session, Ethereum’s price has experienced a slight retracement. Despite this, there remains bullish support working to maintain Ethereum’s elevated price. However, the daily RSI indicator indicates that Ethereum’s price has peaked and is expected to drop within the next 24-48 hours. As of now, the daily RSI line has stabilized in overbought territory.
Should ETH’s price conclude today’s trading session below the $2,016 mark, it may experience a decline towards the next significant support level of approximately $1,914 within the next 24-48 hours. Conversely, if ETH’s price surpasses the current resistance level of $2,120, it could pave the way for the altcoin’s price to ascend towards $2,177 in the coming days. These are crucial indicators to keep an eye on for investors and traders alike.
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.
