Ethereum’s price has maintained significant strength, despite bearish clouds hovering over the crypto space. Meanwhile, the price trend has been essentially stagnant in recent days, as some key indicators turn slightly bearish
The price of Ethereum has stabilized for a week with reduced volatility and volume. Since the merger, the price of ETH has been trading within a downward trend, forming constant highs and lower lows. However, the merger failed to induce the required momentum due to which the XRP price remained largely bearish.
However, in
the meantime, a key metric is constantly flashing a bullish pattern in the coming days. In addition, large whales have begun to accumulate more ETH, which indicates positive momentum in the future.
The price of ETH is, currently, at the lowest end of the last 12 months, as is the exchange offer. This could be a bullish and bearish case for the price of Ethereum in the coming days.
Supply on exchanges has been declining since October and is heading for its lowest levels ever. If the supply on the stock exchange continues to decline, it could further lead to a significant drop in prices. On the flip side, the drop in supply on the stock exchanges was also a bullish signal for ETH, creating more demand which in turn increases the price. In addition, the daily active address has also increased gigantically over the past two days.
The daily active address determines the user’s activity on the platform regardless of whether they are selling or buying. Addresses increased by 378.85 thousand to 1.42 million in a couple of days. Meanwhile, social dominance and development activity have currently halted its recovery. In addition, total weighted sentiment combines positive and negative comments and combines with the frequency that has become positive nowadays.
Therefore, the
price of Ethereum (ETH) seems to have risen above the bearish captivity to some extent and if it holds at these levels, a noticeable bull run could be imminent.