the blockchain perspective

Published on by Cryptoslate | Published on

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The recent Ethereum bull run has had marked footprints in the blockchain behavior of the crypto-asset.

An analysis of the Ethereum blockchain reveals very interesting patterns that shed some light on the recent positive momentum as well as the current state of Ethereum from a financial standpoint.

A technical analysis view of Ethereum's price runA support-resistance analysis of Ether reveals that the crypto-asset recently broke out from the.618 Fibonacci level at $270. The next area of resistance would be around the $310 level, although there may be selling activity around $300 given that this represents a psychological threshold for most investors.

IntoTheBlock's In/Out of the Money Around Current Price uses machine learning to identify the ten most relevant clusters of investor positions at a range of plus-minus 15 percent of the current price.

While certainly not all of the ETH holders in this area are expected to sell, some of these over 700,000 addresses are likely to, especially after Ether's remarkable recent price action.

If Ether's price starts to retrace the buying areas from holders that may be looking to buy in again are not as strong up to the $260-$267 range, where over 500,000 addresses previously bought 2.88 million ETH.Additionally, by comparing the number of addresses currently making money in their positions to the equivalent at similar price levels, we are able to understand how momentum has shifted throughout that time.

In Ether's case, perhaps unsurprisingly, it is the buyers who have the momentum as nearly twice as many addresses are currently making money compared to the last time ETH price was at a similar range.

As can be seen in the graph below, 19.64 million Ether addresses were in the money earlier today, while that number was 10.84 million for a similar price in July 2019.

Overall, data stored on the Ethereum blockchain provides an understanding of Ether's price rise from a different perspective.

IntoTheBlock's indicators suggest an increase in momentum among holders, with almost twice as many addresses making money on their positions compared to half a year ago at a similar price.