Ethereum, the second-largest cryptocurrency by market capitalization, is showing signs of a potential bullish trend as indicated by various technical and on-chain metrics. The Moving Average Convergence Divergence (MACD) indicator on the one-day chart for Ethereum has displayed a bullish divergence, signaling a positive momentum for the altcoin.
Despite the recent spike in the crypto fear and greed index following Bitcoin’s surge above $67,000, Ethereum has yet to see significant gains. At the time of writing, Ethereum was trading at $2,604 after a slight 0.4% dip in the last 24 hours. The MACD indicator on the daily chart for Ethereum has turned positive, with the histogram bars also turning green and increasing in size, indicating a strengthening bullish sentiment.
However, the Chaikin Money Flow (CMF) for Ethereum had a negative value, suggesting that more capital was flowing out of the altcoin than into it. This could indicate that buyers are still cautious and may be waiting for Ethereum to break a crucial resistance level at $2,687 before entering the market. If the bullish divergence signaled by the MACD plays out, Ethereum could push past this resistance level and target $2,900 next.
On the on-chain metrics front, Ethereum exchange outflows have surged to a two-week high, with traders withdrawing their tokens from exchanges, indicating a lack of intent to sell. This could alleviate selling pressure on Ethereum and pave the way for a price recovery. Additionally, Ethereum’s open interest has reached $12.76 billion, showcasing growing market participation and interest from derivative traders, which could lead to increased volatility in the market.
Active addresses on the Ethereum network have also shown bullish signs, reaching 349,507 on the 15th of October, the highest level in the last month. This spike in active addresses could indicate rising demand for Ethereum or growing network activity. Moreover, data from IntoTheBlock revealed that daily active addresses in profits for Ethereum have reached 30%, the highest level in the past month, while daily active addresses in losses have dropped to 13%.
In conclusion, Ethereum’s technical indicators and on-chain metrics are pointing towards a potential bullish trend for the altcoin. Traders and investors should keep a close eye on key resistance levels and on-chain data to gauge the future price action of Ethereum in the cryptocurrency market. The world of technology is constantly evolving, with new advancements and innovations being made every day. From smartphones to self-driving cars, the possibilities seem endless. One area that has seen significant growth in recent years is artificial intelligence (AI).
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