Ethereum Set Up for Bull Run? Indicators Suggest a Trend Reversal
• Ethereum’s Galaxy Score was high, suggesting a bullish trend in the near future.
• The number of ETH addresses in profit reached a one month low, but whales were still accumulating and derivatives metrics were positive.
• LunarCrush’s data revealed that Ethereum had the highest Galaxy Score – a bullish indicator for the token’s price action.
Ethereum Preparing for Bull Run?
The king of altcoins, Ethereum [ETH], has been sitting comfortably under the $1,900 mark for some time now, causing investors to bear losses. However, recent market indicators suggest that Ethereum may be preparing for a bull run in the near future.
Number of Addresses In Profit Reaches Low
Glassnode Alerts‘ latest tweet revealed that ETH investors have been suffering losses due to the slow-moving price action of Ethereum. The number of addresses in profit reached a one month low of 66.6 million. At press time, it was trading at $1,837.80 with a market capitalization of over $220 billion and 24-hour trading volume shot up by 23%.
Galaxy Score Suggesting Bullish Trend
LunarCrush’s data reveals that Ethereum has the highest Galaxy Score which is typically seen as a bullish indicator for upcoming price movements. This suggests that it could soon turn green on its price chart and experience volatile northbound movement in coming days. Additionally, whales continue to accumulate and derivatives metrics remain positive despite the losses being faced by ETH investors recently.
Network Value To Transactions (NVT) Signal Rising
Glassnode reported that Network Value to Transactions (NVT) Signal (7d MA) just reached a 3-month high of 2,386.022 adding more strength to existing bullsignals being observed on other metrics such as Galaxy Score rise above 1-month low of 66 million addresses profiting from ETH holdings..
Overall many indicators are pointing towards an imminent bull run for Ethereum in the near future despite its current slow movement around $1 900 mark and loss suffered by its investors so far . With rising whale accumulation , increased 24 hour trading volumes and strong derivatives signals there seems to be good reasons why investors should pay attentionto this asset class again .