With the global cryptocurrency market value consolidating at around $1.15 trillion, the price of Ethereum has been hovering around $1800 in the past week
With the global cryptocurrency market value consolidating at around $1.15 trillion, the price of Ethereum has been hovering around $1800 in the past week. Therefore, the market is neither greedy nor fearful. As of the time of publication, Ethereum F& The G index flashes a neutral reading of 46.
Since the beginning of 2023, the implementation price of Ethereum has been hovering between $1500 and $1600. As of the time of publication, the price was close to $1700. Technically speaking, the price achieved is one of the most reliable indicators for on chain analysis. The price is determined by dividing the total value of all coins at the last movement by the current supply. Usually, realized prices provide support during bear markets. On the other hand, whenever the market price falls below the actual price, it will quickly rebound, indicating that the market believes that Ethereum is undervalued at these times.
Therefore, this elasticity indicates people's potential confidence in the value of Ethereum. This setting indicates that the broader market believes that ETH's value is higher than its current market price. Recent CryptoQuant analysis has pointed out that emphasizing what may be a good investment strategy,
If you have a long-term investment horizon of at least one year or more and have confidence in assets, then considering buying and holding Ethereum when it approaches the realized price line may be a wise strategy
Exchange deposits decrease, ETH premiums increase
Let's delve deeper into several other indicators to understand what other market participants are doing at this time. Since mid June, ETH's exchange deposit trading has been on a downward trend. Starting from the high of 19000 hit on June 18th, this number hovered around 38500 a day ago, indicating that the number of participants selling their holdings of ETHs is decreasing.
Meanwhile, in some regions, users are paying a premium to obtain Ethereum. On August 13th, the Korean premium index of the asset hovered around 0.36. But as of the time of publication, the index flashed at 1.09. The increase in premium may indicate that South Korean retail investors are exerting purchasing pressure by accumulating ETH.
Therefore, it can be said that the current activities of ETH holders are laying the foundation for the gradual recovery of the asset. Therefore, long-term holders can consider increasing their holdings at this stage.
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