Blockchain tracking firm Glassnode Alerts has tweeted that the number of Ethereum addresses in profit (7d MA) has reached an all-time high (ATH) of 67,747,106.744. This comes after the recent deployment of the “Shapella fork”. At press time, the altcoin leader’s price stands above the psychological $2k mark at $2,107.05 according to CoinMarketCap. Although the price dropped around 0.33% over the last 24 hours, ETH’s weekly price performance remains in the green at +12.49%.
ETH was able to strengthen against the crypto market leader, Bitcoin (BTC), by 0.83% in the past day. As a result, 1 ETH is worth approximately 0.06919 BTC at press time. ETH is also trading near its 24-hour high of $2,120.59, with its daily low sitting at around $2,049.08.
The daily chart for ETH/USDT shows that ETH’s price is currently trading above the 9 and 20 EMA lines after a 3-day positive rally. During this sequence, ETH’s price rose from a low of $1,852.65 on Wednesday to a high of $2,128.76 yesterday. Today’s trading session has seen ETH’s price retrace slightly. However, there is still some bullish support present which is trying to keep ETH’s price elevated.
The daily RSI indicator currently suggests that ETH’s price has reached a peak and will drop in the next 24-48 hours. At press time, the daily RSI line has levelled out in overbought territory. If ETH’s price closes today’s trading session below $2,016, then it could drop to the next key support level at around $1,914 in the next 24-48 hours. On the other hand, ETH’s price closing above the current resistance level at $2,120 opens up the opportunity for the altcoin’s price to rise to $2,177 in the next few days.
The recent data showing a new ATH for ETH addresses in profit is a positive sign for the altcoin. This could be attributed to the recent deployment of the “Shapella fork”, which has been designed to improve the efficiency of the Ethereum network. This will allow for faster transaction speeds and lower gas fees, making it more attractive for users.
ETH’s strong performance against Bitcoin is also noteworthy. This could be due to the recent surge in popularity of DeFi applications, which are predominantly built on the Ethereum network. As more users flock to DeFi, the demand for ETH will likely continue to rise.
However, it is important to note that the cryptocurrency market is highly volatile and unpredictable. Investors should always do their own research and due diligence before making any investment decisions. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency or organization.
