ETH accumulation is on the rise- The number of addresses holding 0.01+ coins increased. Demand from the derivatives market also saw an uptick. Ethereum [ETH] recently revealed in a blog that the Shapella (Shanghai+Capella) mainnet upgrade was entering the final pre-launch phase after extensive testing and development. The new upgrade will include several new features, […]
Furthermore, ETH’s daily chart revealed that the bulls had the upper hand in the market as the 20-day Exponential Moving Average was above the 55-day EMA.
The Chaikin Money Flow , after registering a downtick, went up slightly towards the neutral mark, which was positive news. ’s Money Flow Index was resting near the neutral mark, suggesting that the market could head in any direction. However, ETH’s MACD was concerning as it displayed a bearish crossover.Similar to Glassnode’s data, several of the other metrics aligned with investors’ interests as they looked in
’s favor. For instance, ETH’s exchange outflow spiked considerably, which can be considered a bullish sign., suggesting lower selling pressure. Apart from open interest, ETH’s Binance funding rate also remained high, which reflected its demand in the derivatives market. Thanks to the planned upgrade, ETH’s development activity was up. Nonetheless, ETH’s MVRV Ratio registered a decline, which can bring trouble in the days to come.Subscribe to get it daily in your inbox.
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