Ether's Ascending Support Line at Critical Point
Updated
Just like in BTC and everywhere else in the crypto markets, the trading volumes on ETH are also very low.
However, the main difference from BTC is that Ether's supply is now deflationary. Since the merge of the new consensus mechanism; Ether's circulating supply has been going down. (The first year in deflation).
And alongside this data, on-chain metrics show that ETH's total addresses with balance are at all time high levels >97.5m; total staked ETH are above 26m and that is a 20% increase over the last 90 days; with 127k depositors (stakers) over 17.7% increase in the 90 days.
The chart also looks promising with an ascending support line, however, it is at a very critical zone now. If it breaks down from here; we may see test of the previous resistance trend which I highlighted with dotted red line. Right now, we are testing the
But, due to the bullish fundamentals and on-chain metrics of ETH, I am expecting a bounce from here. Also, please keep in mind, I am a bit biased as I am a believer in Ether becoming the smart ledger of the world's assets.
Please do your own research,
Good luck!
However, the main difference from BTC is that Ether's supply is now deflationary. Since the merge of the new consensus mechanism; Ether's circulating supply has been going down. (The first year in deflation).
And alongside this data, on-chain metrics show that ETH's total addresses with balance are at all time high levels >97.5m; total staked ETH are above 26m and that is a 20% increase over the last 90 days; with 127k depositors (stakers) over 17.7% increase in the 90 days.
The chart also looks promising with an ascending support line, however, it is at a very critical zone now. If it breaks down from here; we may see test of the previous resistance trend which I highlighted with dotted red line. Right now, we are testing the
But, due to the bullish fundamentals and on-chain metrics of ETH, I am expecting a bounce from here. Also, please keep in mind, I am a bit biased as I am a believer in Ether becoming the smart ledger of the world's assets.
Please do your own research,
Good luck!
Trade active
So I didnt update this chart for awhile, sorry about that. We first broke down but obviously it was a bear trap as we can that clearly see from updated chart.
Now we are at the resistance zone and formed a bullish H&S, lets get it going!
Note
Such a beauty, lets keep going. Hopefully ETHBTC pair will also start going up soon and we will then see a very bullish momentum for ETH on the coming weeks.
Note
going towards 3.5k
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