On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	373,017,211,002	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

373,017,211,002

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	109.58	3.67%	3,096.66	3,096.66	3,096.71

Price Change

Price Change %

Current Price

Bid Price

Offer

109.58

3.67%

3,096.66

3,096.71

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,128.04	2,958.55	2,987.82	2,987.08	1,520.85 - 4,093.88

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,128.04

2,958.55

2,987.82

2,987.08

1,520.85 - 4,093.88

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	22:36:42	0.308000	3,096.90	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

22:36:42

0.308000

3,096.90

USD

Price x Volume	Volume	Base Symbol	Related Pairs
279,753,800.44	92,230.04	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

279,753,800.44

92,230.04

On-Chain Data Indicates Ethereum’s Bullish Trend Could Continue

24/03/2023 5:00pm

NEWSBTC

Of all the altcoins in the crypto space, the price of Ethereum has been the one that has closely followed the performance trend of Bitcoin. The digital asset has been able to clear the $1,800 level multiple times, dragging more investors into profit. But even more important is that on-chain data is showing increased adoption for the cryptocurrency. Ethereum Exchange Withdrawals Reaches 3-Month High The collapse of FTX triggered massive withdrawals from centralized exchanges. However, like with any other thing, the withdrawals had cooled. That is until now when the Ethereum exchange withdrawals have picked up once again, seeing millions of ETH removed from exchanges. Related Reading: New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price? On-chain data aggregator Glassnode reported that the amount of ETH being withdrawn from centralized exchanges on a seven-day moving average hit a new three-month high of 3,134.065 ETH. The last time withdrawals were this high was back in late 2022 and the following weeks saw the price of the digital asset climb steadily, as shown in the chart below. ETH exchange withdrawals reach 3-month highs | Source: Glassnode Adoption is also not left behind as the network has seen an uptick in the number of new addresses created. This metric also recovered to a three-month high as new ETH addresses climbed as well. Importantly, the Arbitrum (ARB) airdrop spurred adoption on the blockchain as many rushed to take advantage of the new liquidity. ETH Profitability Climbs Again With Ethereum’s price tethering between the $1,700 and $1,800 level, a large portion of investors has now moved into the profit territory. Data from IntoTheBlock shows that a total of 66% of wallets holding ETH are seeing profit as the coins were purchased at lower than the current price. This has pushed down the percentage of those seeing losses to 32% with 3% sitting in the neutral territory (meaning they bought at the same price the coin is now trading for). E Glassnode corroborates this with its report that the number of ETH addresses in profit has reached an 11-month high. At the time of the report, a total of 63,933,355.435 wallets are all in the green. The last time it was this high was at the beginning of the second quarter of 2022. Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come? These metrics growing so fast in such a short time point to a largely bullish outlook among investors. This increased positivity in the market can easily translate to better price action for the digital asset and could be the push it needs to finally scale the $2,000 hurdle once and for all. At the time of writing, Ethereum is changing hands at $1,790, up 2.26% in the last day. It is seeing meager gains on the weekly chart after rising only 2.44% in the last week. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from iStock, chart from TradingView.com

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ETHUSD Ethereum