3 key on-chain metrics suggest Ethereum price is in a 2017-style bull run
Numerous on-chain indicators suggest Ethereum price is on the verge of another 2017-style bull run. Ether (ETH) price is currently ranging between $440 and $470, which is similar to the price action seen in December 2017. Back then, the scenario ended up being incredibly bullish, and the altcoin quickly rocketed toward $1,400. Fast forward to 2020, and some investors believe a similar outcome may occur as a few key on-chain and technical indicators are mirroring the levels seen in the previous bull run.On Dec. 10 Ether price was $450, and it took only 34 days for Ether to reach its....
Related News
On-chain data is showing more and more similarities to mid- and late-2020 — the springboard period for the Ether and Bitcoin bull market. Bitcoin (BTC) and Ether (ETH) have started showing “remarkable” bullish divergences that echo the start of bullish price trends.That’s according to the latest data collected by on-chain analytics firm Glassnode this week. BTC, ETH data mimics “mid to late 2020”In its latest weekly report, “The Week On-chain,” Glassnode revealed that while price action remains quiet, on-chain metrics suggest that it could well be lagging behind much more bullish....
Analysts believe Bitcoin’s on-chain fundamentals point to a 2017-style bull run Despite an uneventful month for Bitcoin (BTC) price, on-chain metrics suggest that Bitcoin may be gearing for an imminent bull run. Noticeably, the number of Bitcoin held on spot exchanges has been decreasing since the start of the year, according to data from on-chain analytics firms, CryptoQuant, and glassnode.Crypto analyst, Willy Woo, noted that this change in trend is extremely bullish for Bitcoin as it signals an increased demand for the asset and interest in holding it as a store of value. Woo....
Social sentiment data, strengthening fundamentals and on-chain analysis suggest Bitcoin is on the verge of a 2017-style bull run. Last week, Bitcoin (BTC) saw its price rise 6.95%, rising from $10,804 on October 5 to $11,555 by October 12. The surge marked the best performing week for the price of Bitcoin since July and data show a noticeable shift in market sentiment around the digital asset.According to data from TheTie, an alternative data provider for digital assets, the daily sentiment score for Bitcoin has reached 62.4. The metric measures the tone of conversations in Twitter to....
Bitcoin remains on an upward trend after breaking through $40,000 once again. However, this upward trend has not translated onto on-chain metrics. While the price of the digital asset continues to sit in the green, on-chain metrics have plummeted paining an entirely different picture in relation to price. From miner revenues to transaction fees, the […]
Glassnode’s Rafael Shultze-Kraft has shared several on-chain metrics that he believes suggest Bitcoin will comfortably charge into six-figure price-thresholds in future. The CTO of crypto market data aggregator Glassnode, Rafael Schultze-Kraft, has described a slew of Bitcoin market indicators as “insanely bullish” and predicted prices are set to increase by more than 10 times.On Dec. 9, Schulze-Kraft tweeted a thread providing the basis for his ultra-optimistic prediction, presenting six “of the most important on-chain market indicators that are currently hovering at the same levels they....