Ethereum is showing strong bullish signs, which may continue into the weekend as the King of Counterfeit Coins enters LunarCrush's top ten popular search lists. The price trend of ETH may provide some breathing opportunities for traders and investors
Ethereum is showing strong bullish signs, which may continue into the weekend as the King of Counterfeit Coins enters LunarCrush's top ten popular search lists. The price trend of ETH may provide some breathing opportunities for traders and investors.
- As of May 5th, the last active supply volume (5-7 years) reached a historic high.
- ETH's RSI and MACD also show bullish signs that may continue into next week.
For Ethereum [ETH], the past 7 days have been like a roller coaster, with prices fluctuating up and down after regular intervals. According to CoinMarketCap data, the trading price of the King of Shanzhai Coins is 4.63% higher than in the past 7 days and has increased by 5.86% in the past 24 hours.
As of the time of publication, ETH's trading price was $1984. However, this is not all ETH can provide. According to LunarCrush's data, ETH has entered LunarCrush's top ten popular searches. Although ranked sixth, ETH has attracted market attention.
Is a bullish wave forming?
In addition to the above information, data from Glassnode indicates that ETH's final active supply (5-7 years) reached a historical high. The nine month high indicates that investors have long held their ETH holdings.
In addition, at the time of writing, data from Santiment showed that ETH's exchange outflows exceeded exchange inflows. This is a bullish signal as more and more investors are moving their ETHs out of the exchange instead of entering it. As of the time of publication, ETH's exchange outflow was 27.7k, while the exchange inflow was 24.7k.
However, looking at the on chain indicators of ETH last month did not fully depict a beautiful picture. Although ETH's social dominance has mostly peaked throughout the month, there has been no significant change in ETH holdings.
Throughout the month, the number of ETH holders did indeed continue to rise, but as of the time of publication, it remained unchanged from the previous three days. In addition, as of the time of publication, ETH's development activities were 12.4. Furthermore, it has witnessed a decline, which means that developers have not made sufficient contributions to the chain.
The price may release some
... a bull? Traders looking for some positive signs in the price trend of ETH may fulfill their wishes. This is because at the time of writing, ETH is changing hands in green. The relative intensity index (RSI) of ETH is also 58.51.
It is worth noting that RSI is on a sharp upward trend as of the time of publication. Under the continuous upward trend, the price of ETH may soar over the weekend.
In addition, the Moving Average Convergence Divergence (MACD) index of ETH shows that the MACD line touches the signal line and is likely to cross the signal line. The MACD line crossing the signal line above the zero line is a strong bullish indicator for ETH.
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