- Glassnode Alerts revealed in a tweet today that the realized cap for ETH reached an 8-month high.
- ETH’s price was attempting to challenge a significant resistance level at press time.
- If ETH closes a daily candle above $1,850, then it may climb to $1,980 in the next 2 weeks.
Glassnode Alerts, the on-chain tracking platform, revealed in a tweet today that the realized cap for Ethereum (ETH) reached an 8-month high recently. According to the post, the altcoin leader’s realized cap reached $181,606,579,492.76.
Meanwhile, ETH’s price was attempting to challenge a significant price point at press time. If ETH is able to close today’s daily candle above $1,850, then it may continue to rise to $1,980 within the next 2 weeks. A confirmation of this bullish thesis will be when the cryptocurrency’s price breaks, and closes a daily candle, above the 20-day EMA line at around $1,854.62.
However, if the altcoin’s price loses the support of the 9-day EMA line at around $1,848.76 during the next 48 hours, then it will most likely pull back to test the positive trend line on its chart between $1,829.35 and $1,840. A break below this line will put ETH at risk of plummeting to $1,690 in the following few weeks.
Investors and traders may want to monitor the 9 EMA line and 20 EMA line on ETH’s daily chart over the next few days. At press time, the shorter EMA was positioned bearishly below the 20 EMA line – signaling that short-term momentum was in favor of sellers. This may change, however, given the fact that the margin between the two technical indicators was narrowing.
If the 9-day EMA line on ETH’s chart is able to cross bullishly above the 20-day EMA line, then ETH will have the momentum needed to rise to $1,980 in the next few weeks. At press time, CoinMarketCap indicated that ETH’s price barely changed over the past 24 hours – only recording a 0.01% gain for this period. Subsequently, ETH traded at $1,847.98 at press time.
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