Ethereum [ETH] has been making waves over the weekend, with a 4.09% increase in its price. The altcoin managed to maintain the $3,700 support level and has surged past the $3,860 local high from July 21st. This upward movement also signifies a breakout from a short-term range, although the trading volume has not been particularly high, indicating that the momentum might not be sustainable.
Technical indicators such as the CMF and MACD provide mixed signals. While the CMF shows a lack of strong buying pressure with a reading of 0.0, the MACD suggests bullish momentum behind the breakout. The next resistance level to watch out for is at $4.1k.
On-chain metrics reveal that a significant percentage of Ethereum holders are currently in profit, with a slight drop in the holder accumulation ratio in recent days. This could potentially signal that the market is overextended and in need of a correction.
The holder accumulation ratio, which measures the proportion of active holders increasing their positions, has been on a slight decline. While ratios above 50% are considered bullish, the current ratio is below this threshold, indicating that network accumulation might not be a driving force behind Ethereum’s recent rally.
Additionally, the percentage of supply in profit for ETH stands at a high of 98.1%. Historically, the altcoin tends to experience a pullback when this metric surpasses 95%. However, during the 2020-2021 bull run, the percent supply in profit remained above 95% for an extended period, suggesting that Ethereum could potentially continue its upward trend for the next six months.
Despite these potential warning signs, there are positive indicators supporting Ethereum’s bullish outlook. ETF netflows have been consistently positive throughout July, with institutional demand driving the rally. Combined with the growth of Ethereum treasury companies and their stock performances, it is likely that high institutional demand will continue to support ETH’s price movement in the coming months.
In conclusion, while the dip in holder accumulation ratio and the high percentage of supply in profit may raise concerns, Ethereum’s strong institutional support and positive market dynamics indicate that the altcoin may have more room to grow in the near future. The Benefits of Outdoor Exercise
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