All Eyes on Ethereum as ETH Makes New Heights of the Year, can reach $550
Although Ethereum is down and prices seem to be taking a toll, there seems to be a lot of gas in the ETH tank. Ethereum steals crypto light again after reaching the heights this year. Now, different metrics suggest that ETH is not yet complete.
Ethereum in August 2020
Since the beginning of last month, Ethereum has been meeting on a small scale. The smart contract giant in particular is between the $447 resistance barrier and the Fibonacci retracement level by 78.6%, without giving clear indications of where it will go next. The increase in purchasing pressure after Ether, which has begun to build positively in line with support, seems to have confirmed a bullish formation. As a result, it led to a 25% bullfight meeting last week, breaking ETH resistance and hitting a high $467 for this year.
Ready to move?
Now, Ethereum is ready to move forward towards a return level of 127.2% Fibonacci. The “In / Out of Money Around Price” (IOMAP) model states that the supply is uninterrupted, preventing the second-largest cryptocurrency from gaining its power at market price. Based on this chain metric, there is only one major interest rate between $462 and $475, which is full of large numbers of investors who have previously purchased ether at this price level. Here, approximately 715,000 addresses hold’s 370,000 ETHs approximately.
The market may be able to absorb some of the recent shopping pressures. Underwater officials can also try to break their positions, slowing down the flow. If ether can reduce this barrier, it will reach $545 – $550. Approximately 600,000 addresses were purchased for about 8 million ETH between $407 to $420. This important area of interest shows that bears are struggling to keep prices low. Right now, the challenges are in favour of bulls.
Following the recent bullish momentum, the Ethereum network has also begun to expand. Data from Santiment Behaviour Analysis company shows that the number of new addresses created daily has increased as well as prices. The latest spike in the growth of the Ether network is seen as a positive sign in support of a complete rise. Based on historical data, network growth is considered one of the leading indicators of pricing. Increasing consumer acceptance over time will help viewers understand the health and well-being of the cryptocurrency network.
In general, long-term increases in network growth lead to price growth. The combination of newly created addresses will positively affect the normal flow of tokens in the network, so one must beware of vendors.
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