- Increased ETH accumulation – The number of addresses with more than 0.01 coins has increased.
- Demand from the derivatives market also saw a slight uptick.
Ethereum [ETH] recently revealed in Blog Shapella’s main network upgrade (Shanghai + Capella) has entered its final pre-launch phase after extensive testing and development.
The new upgrade will include several new features, most notably stakeholder extraction and a consensus layer.
Eligible validators will be eligible for full withdrawals, while active validators with balances above 32 ETH will be eligible for partial withdrawals.
As the hype surrounding Shabella’s upgrade grew, so did investor expectations for ETH. ETH accumulation was on the rise as the number of addresses containing 0.01+ coins reached a 6-month high of 22,907,244.
Additionally, the demand for ETH has skyrocketed in the futures market ETHOpen interest in perpetual futures has reached a 1 month high From $290,732,090 in Derbent.
Could this increased interest and accumulation signal another bullish trend?
📈 # Ethereum ETH dollars The number of addresses containing more than 0.01 coins reached a 6-month high of 22,907,244.
Previous 6-month high of 22,906,541 observed on February 10, 2023
View stats: https://t.co/XXb0u19ouH pic.twitter.com/4bZlt6PMD1
– glassnode alerts (@glassnodealerts) February 11, 2023
is reading Ethereum [ETH] predict the price 2023-24
market response
ETH price action has not been in favor of investors lately, as the weekly chart posted a pullback. according to CoinMarketCapETH is down more than 8% in the past seven days and at the time of writing it is trading at $1,519.80 with a market capitalization of over $186 billion.
But as we get closer to Chabela’s release, the possibility of a bull run can’t be ruled out. Interestingly, Messari also exposed the same moving averages for Ethereum that were embodied in golden crosses.
Have you started the next bull cycle too # Bitcoin And # Ethereum?
+ $ BTC and ETH dollars Moving averages are embodied in golden crosses
+ Preparatory work begins in the UK for the digital pound
+@employee Positioning itself as a leading digital asset managerMacro summary / full coding ⬇️ pic.twitter.com/bG9iQLbzfw
– Messari (MessariCrypto) February 10, 2023
Additionally, the daily chart for ETH revealed that the bulls had the upper hand in the market as the 20-day exponential moving average (EMA) was above the 55-day moving average.
Chaikin Money Flow (CMF), after recording a decline, advanced slightly higher towards the neutral mark, which was positive news. EthereumThe Money Flow Index (MFI) has held near the neutral mark, indicating that the market could move in either direction. However, the MACD for ETH was worrying as it showed a bearish cross.
Source: TradingView
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Can metrics save ETH?
Similar to Glassnode’s data, many other metrics align with investor interests when viewed ETHs service. For example, the outflow of ETH exchange has increased significantly, which can be seen as a bullish sign.
In addition, the currency reserve was ETH decrease, which indicates a decrease in selling pressure. In addition to open interest, Binance’s funding rate for ETH also remained high, reflecting its demand in the derivatives market.
Thanks to the planned upgrade, ETH development activity has skyrocketed. However, ETH’s MVRV has registered a decline, which could cause problems in the coming days.
Source: feeling