The world’s second-largest cryptocurrency Ethereum (ETH) has been under a bit of selling pressure moving closer to $1,200 levels. However, the ETH price is showing a bit of bounce back recently and has surged to $1375 levels.
Some on-chain indicators hint at a positive development in terms of network activity for Ethereum. Ason-chain data provider Santiment Извештаји:
Ethereum’s amount of new addresses being created is hovering around 70k per day again, the highest seen since early August. And after quite a bit of uncertainty around the mid-September #мерге, снабдевање $ ЕТХ на берзи се вратио на 14.6%.
Post the major sell-off in June, Ethereum (ETH) gave a solid run-up all the way to $2,000 ahead of the Merge upgrade. The ETH price rallied nearly 80% from the June lows before retracing back once again.
Last month, Ethereum (ETH) successfully conducted its Merge upgrade, and the ETH price showed a ‘sell-the-news’ kind of move. As the U.S. equity markets came under strong selling pressure, ETH along with the broader crypto market faced a similar fate.
Since mid-September, ETH has been constantly under selling pressure. Since the Merge event, the ETH price has corrected more than 25%.
ETH Crowd Discussion on the Low
ETH is currently trading just above $1,375 and has reached here for the first time in the last eight trading sessions. However, the discussion rates around ETH have dropped to a seven-month low. On-chain data provider Santiment notes that the low crowd interest in ETH leads to a higher chance of a bounce. It додаје:
Ethereum се вратио изнад границе од 1,375 долара, враћајући се на нивое последњи пут виђене 27. септембра. Чини се да је гомила трговаца скренула своје интересовање на друге новчиће, одлазећи $ ЕТХ да ће цене расти уз много мање отпора и очекивања него иначе.
It will be interesting to see whether ETH can continue with this momentum going ahead.
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Source: https://coingape.com/these-on-chain-metrics-suggest-that-eth-could-rally-going-ahead/