Ethereum (ETH) is showing a comfortable picture below the $1,900 level where investors are losing money. In fact, the number of addresses in profit for altcoins reached its lowest level in a month. However, several measurements have started to rise on the token and have given hope for a variable price movement upwards in the coming days. So, is Ethereum actually preparing for a bull rally?
How Much is Ethereum in Turkish Lira?
Glassnode Alerts revealed that ETH investors experienced high losses in their latest tweet. According to the tweet, the number of addresses in profit for Ethereum reached the lowest level in a month, which is 66.6 million. The main reason behind this was the slow price movement of the token. ETH has not been able to surpass $1,900 for a while.
According to CoinMarketCap, ETH has experienced a decrease of approximately 1.4% in the last seven days. At the time of writing, it was trading at $1,837.80 with a market cap of over $220 billion. It was interesting to see that despite the price decrease, ETH’s 24-hour trading volume increased by 23%.
In fact, according to Glassnode, the Network Value to Transactions Signal (7-day MA) reached its highest level in three months, which is 2,386.022. However, the latest data from LunarCrush suggested a bullish direction and predicted that ETH’s price chart could soon turn green.
According to the latest data, Ethereum was trading at 49,800 Turkish Lira at the time of writing, showing a neutral movement.
Current Status of Ethereum
LunarCrush’s data revealed that Ethereum has the highest Galaxy score. A high Galaxy score could be an indicator of an upward price movement in the coming days. It also seemed that whales had high confidence in the token.
This can also be understood from the slight increase in the number of wallets, which went from 10,000 ETH to 100,000,000 ETH. However, as the number of addresses with a balance between 10 ETH and 10,000 ETH decreased, sharks and shrimps continued to sell.
In addition to the Galaxy Score, several other measurements on the chain were favorable for the bulls and increased the chances of a more variable price movement. For example, Ethereum’s exchange reserve was decreasing, indicating that the token was not under selling pressure.
The MVRV Ratio also showed signs of recovery, indicating an upward trend. ETH’s network activity continued to remain high, as can be seen from the daily active addresses. Furthermore, Ethereum’s network growth was also high in the last seven days.
Developments in the derivatives market also looked optimistic for ETH. The buyer’s/seller’s ratio was in the green, indicating a dominance of buying sentiment in the futures market. Additionally, the open interest rate recorded a decrease, increasing the possibility of a trend reversal.
