Ethereum’s price has plateaued for a week with reduced volatility and volume. Ever since the Merger, the ETH price has been trading within a descending trend, forming constant lower highs and lows. The Merge has however 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. Also, the big whales have begun to accumulate more ETH which points to a positive momentum ahead.
The ETH price is, presently, at the lowest range in the past 12 months as also the exchange supply. This could be a bullish as well as a bearish case for Ethereum price in the coming days.
The supply on exchanges has been declining since October and heading to its lowest-ever levels. If the supply on exchanges continues to fall, it may further lead to a significant price drop. On the flip side, the dropped supply on the exchanges has also been a bullish signal for ETH, creating more demand which in turn raises the price. Besides, the daily active address also surged gigantically in the past couple of days.
The daily active address determines the user activity over the platform regardless of whether they are selling or buying. The addresses rose 378.85K to as high as 1.42M in just a couple of days. Meanwhile, social dominance and development activity has halted its upswing presently. Besides, the total weighted sentiment combines the positive and negative comments and combines with the frequency which has gone positive nowadays.
Therefore, Ethereum (ETH) price appears to have risen above the bearish captivity to some extent and if it sustains at these levels, a notable bull run may be imminent.
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