Key Points
- Ethereum’s value fell by over 2% in the last 24 hours, despite a recent surge in investor confidence.
- Despite the drop, the number of Ethereum addresses with non-zero balances continues to rise.
Despite a recent boost in investor confidence, Ethereum experienced a value decrease of more than 2% within the last day.
Ethereum’s Recent Performance
Ethereum had recently surpassed the $3.6k mark, which led to an increase in investor confidence. However, this boost did not prevent a drop in Ethereum’s value, as indicated by its daily chart turning red.
Over the weekend, Ethereum managed to rebound above $3.6K after a significant drop between the 11th and 19th of March. Despite the price recovery, the number of Ethereum addresses holding some amount of the cryptocurrency continued to rise, exceeding 118.23K.
Market Indicators and Predictions
Despite the increase in non-zero addresses, the amount of Ethereum on exchanges also increased, indicating a high selling pressure. This was supported by data from CryptoQuant, which showed a high net deposit of Ethereum on exchanges compared to the last seven-day average.
Interestingly, the supply of Ethereum held by top addresses also increased, indicating confidence from large investors. However, Ethereum’s network-to-value ratio indicated a sharp rise, suggesting that the asset may be overvalued and a price correction could be likely.
Analysis of Ethereum’s daily chart showed that its Relative Strength Index (RSI) decreased from the neutral mark. Its Chaikin Money Flow (CMF) also registered a sharp decrease. Furthermore, its Bollinger Bands indicated that Ethereum’s price was entering a less volatile zone, reducing the chances of a significant price increase in the short term.
