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The market movement of Ethereum, the world’s largest altcoin, recently broke out of its stabilisation period on the charts. In reality, the narrative has been very different since the beginning of April, with the alt’s price predicting considerable bullish momentum. The aforementioned rally in value has sparked a 36 percent increase in value over the last two weeks, driving ETH to break the coveted $2,500-level, setting a new ATH in the process.
At the time of publication, the price of ETH was $2,504, with a market capitalisation of more than $289 billion. Ethereum reached its new all-time high of $2,544 a few hours ago, after an 18% increase in three days. It is worth noting, though, that small corrections have begun to set in at the time of publication, with the most recent price candles flickering bearish signals.
With the cryptocurrency currently trading at historically unheard-of rates, the coin’s fundamentals are still looking promising. According to Glassnode info, the number of active addresses (7d MA) has just reached a three-year high of 34,736.798. The increase in active addresses is often a good indicator for a coin’s price because it indicates that there are more players in the industry.
While whales can cause the price to rise, they can also reverse profits and place the coin at risk of a major sell-off. In the case of ETH, Glassnode also noted that addresses of more than 32 ETH are now seeing a substantial decrease.
According to the results, the number of addresses carrying more than 32 ETH has just reached a 13-month low of 111,459. The last time such a low was seen was on April 12th, when the metric indicated that only 111,466 addresses possessed this volume of ETH.
However, in line with the standard, Ethereum continues to trade very close to Bitcoin, with the latter trading at about $63.5k at the time of publishing. According to CoinMetrics data, the BTC-ETH correlation remains relatively strong, with a value of 0.77 as of press time. The correlation has been increasing over the last three months, rising from 0.55 earlier this year.
The high association with Bitcoin could not only be critical to Ethereum’s potential to set new ATHs and overcome industry psychological barriers. If the price finding above the current ATH proceeds, the correlation factor will be critical in determining whether or not the ETH will be able to hold those positions or whether the market may experience another price correction.