Ethereum (ETH) Price Might Gain Momentum This New Week According To These Metrics
Since the past few weeks, the movement of Ethereum (ETH) has not been impressive which is not surprising owing to the state of the whole cryptocurrency market including bitcoin. However, there are some really strong indicators showing that Ethereum will soon leave the league and it is about to rise sporadically.
Holders Of Ethereum In Sizeable Amount Have Increased Significantly
The famous on-chain data firm Glassnode, took to its Twitter page yesterday to announce that as of yesterday, the number of wallets addresses that now have more than 10 ETH in them has reached a mind-blowing height of 343,918.
This piece of information translates to a couple of things. First off, owing to the quite recent rise in the number of addresses that are active over the last couple of days. After experiencing some downtime, Ethereum’s mean coin age is currently at a really impressive high.
This piece of information confirms the already known fact that instead of dumping their Ethereums at prices that will gurantee them a fairly small degree of profits, investors are actually refusing to dump their Eth and apparently are gunning for the “long run goal”.
Also, in the derivatives market, Eth has attained a considerable slight upward trend since the last five days, which is a confirmation that demand is steadily regaining its balance, which could be a sign of price fluctuations as well.
There is Room for the Otherwise
Statistics have shown that, despite the piece of research showing that things might gradually be looking up for ethereum, its price action has refused to change.
As of yesterday, the 11th of December 2022, ethereum still sold for $1,265—which is quite within the range that it has been sold for since the beginning of December.
Due to the recent deplorable developments in the crypto industry, there has been a relatively low demand for crypto generally. However, the fact remains that wallet addresses that hold significant amounts of Ethereum are quite confident that a price surge will occur soon.
Investors, however, have been urged to keep in mind that things might not go as predicted and a bearish surprise might spring up.
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