Although Ethereum has lagged behind the flagship coin in performance in recent days due to its split with BTC, it is trading above the $2600 level, up 1.5 percent this morning. In ETH, the number of new addresses has increased by 10 percent in the last 24 hours, we are also talking about lockdowns.
In ETH, 15 percent of its total supply was locked in smart contracts last year, the figure has increased to 25 percent this year. ETHs locked through ETH 2.0 and other smart contracts also create price stability. Looking at the HODL period, it usually consists of those who hold ETH for 3 years.
When we look at the ETH/USDT pair technically, we are trading behind the $2670 level, where the 50-day moving average passed, after the downtrend formed from $4370 was broken. A break of any average here or in BTC could lead the market to rise.
In addition to all this, while the 7 and 30-day DEMAs were preparing to cross in the buy direction, the $24656 level, which coincides with the Fibo’38.2 slice, acted as support. Therefore, the break of the symmetrical triangle, the break of the 50-day average and the break of the Fibo’50 level may bring a new and harsh bullish wave. For all this to happen, the $2670 – $2750 levels must be broken.
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