ETH’s Supply from 3-5 Years Ago Surges to a 3-Month High, What’s Next for the Cryptocurrency?

Ethereum Supply Reaches 3-Month High as Glassnode Alerts Tracking Firm Reports Increase in Active ETH Amounts

Blockchain tracking firm, Glassnode Alerts, has reported that the amount of Ethereum (ETH) supply last active between 3-5 years has reached a three-month high of 12,726,298.738 ETH. This surpasses the previous three-month high of 12,673,320.712 observed on January 16, 2023. The news comes as the price of ETH stands at $2,096.12 at press time, with a 24-hour gain of 0.32% and a weekly gain of over 14%.

ETH has also strengthened against market leader Bitcoin (BTC) by 0.66% over the last 24 hours, with one ETH estimated to be worth around 0.06913 BTC at press time. The altcoin’s price is currently trading between its 24-hour low of $2,076.83 and its daily high of $2,111.08.

ETH’s daily chart shows a bullish ascending triangle chart pattern, which was validated over the past week. This resulted in ETH’s price breaking through the key resistance level at around $1,920 on Thursday. The bullish momentum continued on Friday, with ETH’s price successfully flipping the resistance level at $2,015 into support to reach a high of $2,128.76 before a pullback to close Friday’s trading session off at $2,099.99.

ETH’s price is currently looking to challenge the resistance level at $2,170. However, technical indicators on ETH’s daily chart suggest that the crypto’s price has established a peak, which is evident by the vertex seen on ETH’s daily RSI chart.

It’s important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence, and any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Martin Reid

Martin Reid

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