Thursday, December 8, 2022
 

ETH Enters Into Ascending Price Channel Leading Up to Merge

  • Two ETH merics have surged recently according to Glassnode.
  • The number of ETH addresses holding 10+ coins has reached an ATH.
  • ETH’s price is now trading at $1,761.73.

Data posted today on Twitter by @glassnodealerts shows investors are preparing for the upcoming Ethereum (ETH) Merge that is less than 4 days away. According to the data, the number of ETH addresses holding more than 10 coins has reached a new high and ETH futures contracts open interest has reached a monthly high on Bitfinex as well.

The number of ETH addresses holding at least 10 coins has now reached an all-time high (ATH) of  318,530. In addition, ETH futures contracts open interest just reached a 1-month high of $180,506,657.22 on the cryptocurrency exchange platform, Bitfinex. The previous 1-month high of $179,344,149.71 was observed on 9 September 2022.

Both of these metrics have had a positive effect on ETH’s price as evident on the crypto market tracking website, CoinMarketCap. According to the website, the price of ETH now stands at $1,761.73 at the time of writing. This is a 2.64 percent price elevation over the last 24 hours and a 13.74 percent gain over the last week.

ETH-USDT Price Chart
4 hour chart for ETH/USDT Source: CoinMarketCap

The 4-hour chart for ETH/USDT shows how the price of ETH has entered into an upwards price channel over the last week, which has taken ETH’s price from $1,490 all the way to its current level at just above $1,760.

This momentum may continue for ETH as the 9 EMA line is still positioned above the 20 EMA line, which serves as a trend continuation confirmation for the next day or two.

However, investors need to keep an eye on the RSI’s position relative to the RSI SMA line. Currently, the RSI line is just above the RSI SMA line but a temporary bearish flag may occur as the margin between the two lines is very slim.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

  • Two ETH merics have surged recently according to Glassnode.
  • The number of ETH addresses holding 10+ coins has reached an ATH.
  • ETH’s price is now trading at $1,761.73.

Data posted today on Twitter by @glassnodealerts shows investors are preparing for the upcoming Ethereum (ETH) Merge that is less than 4 days away. According to the data, the number of ETH addresses holding more than 10 coins has reached a new high and ETH futures contracts open interest has reached a monthly high on Bitfinex as well.

The number of ETH addresses holding at least 10 coins has now reached an all-time high (ATH) of  318,530. In addition, ETH futures contracts open interest just reached a 1-month high of $180,506,657.22 on the cryptocurrency exchange platform, Bitfinex. The previous 1-month high of $179,344,149.71 was observed on 9 September 2022.

Both of these metrics have had a positive effect on ETH’s price as evident on the crypto market tracking website, CoinMarketCap. According to the website, the price of ETH now stands at $1,761.73 at the time of writing. This is a 2.64 percent price elevation over the last 24 hours and a 13.74 percent gain over the last week.

ETH-USDT Price Chart
4 hour chart for ETH/USDT Source: CoinMarketCap

The 4-hour chart for ETH/USDT shows how the price of ETH has entered into an upwards price channel over the last week, which has taken ETH’s price from $1,490 all the way to its current level at just above $1,760.

This momentum may continue for ETH as the 9 EMA line is still positioned above the 20 EMA line, which serves as a trend continuation confirmation for the next day or two.

However, investors need to keep an eye on the RSI’s position relative to the RSI SMA line. Currently, the RSI line is just above the RSI SMA line but a temporary bearish flag may occur as the margin between the two lines is very slim.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

 

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