Recently published report shows key metrics that can reveal the next move that Ethereum may take
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At the moment, IntoTheBlock says, Ethereum’s on-chain activity shows several potential resistance spots ahead on the chart. However, in the current market they may prove insignificant. Besides, many Ethereum owners are expecting the price to rise higher in the nearest term with selling pressure remaining at the minimum.The above-mentioned data source has revealed five important indicators that traders and investors should watch to get an idea of which direction the Ethereum price may head next.
When this signal drops, it shows that long-term holders are keeping their ETH in their wallets without selling, while ETH demand continues to increase. The last but not least here are exchange inflows and outflows. Monitoring the volume of Ethereum entering or exiting crypto exchanges is important because once inflows are big, this means holders’ intentions to sell, while large outflows hint at accumulation and long-term holding.
Currently, however, according to IntoTheBlock these key indicators are showing mixed signals. The new ETH wallet count holds below the levels reached during previous bull markets. This is likely thanks to the increase of Layer-2 solutions popularity. The daily transaction count has increased but not much, again lower than during the previous bull markets. Still, the volume of transactions keeps growing as large holders continue buying ETH and showing confidence in its long-term potential. Currently, Ethereum is trading at $3,323.Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017.
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