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Crypto Hot News Ethereum: ‘Solid sign of upcoming bounce’ with ‘Merge’ being pushed further

Hot Crypto News Today Ethereum: ‘Solid sign of upcoming bounce’ with ‘Merge’ being pushed further You Must Read To Get More Information For Trading and Investment.

Could Ethereum do the pull-up that’s necessary to get it started on a rally again? Despite the market swimming in red, there’s some evidence in favor of this scenario. Let’s take a closer look at the metrics.

At press time, ETH was trading at $3,094.04 after rising by 1.27% in the past 24 hours, but dropping by 3.62% in the last week.

A turning tide

Early on 13 April, ETH was above $3,100. Many bullish investors took this as a hopeful sign that the top alt’s descent was finally slowing. Adding to that, Santiment’s ratio of on-chain transaction volume in profit to loss revealed signs of capitulation, which can hint at a future rally.

That said, one possible reason for the fall in price could be due to the much-anticipated Merge being pushed from this summer to autumn instead. That being said, a new series of whale transactions have been picking up from around 10 April, suggesting that larger players are making their moves – but nothing too dramatic. Caution appears to be the key word.

Crypto Hot News Ethereum: ‘Solid sign of upcoming bounce’ with ‘Merge’ being pushed further

However, another factor to note is that weighted sentiment for Ethereum was very low. In fact, it reached a low of -1.89, which was last crossed in February 2021. While this might seem like an ominous sign, continued negative sentiment could also help trigger a price rally.

Crypto Hot News Ethereum: ‘Solid sign of upcoming bounce’ with ‘Merge’ being pushed further

On the other hand, one point of concern was the fact that Ethereum active addresses were dropping off the charts at a fast rate. The last time this happened, in early April, it corresponded with a drop in Ether’s price. It remains to be seen if Ether’s latest rally will meet with the same fate or form a green candle instead.

Crypto Hot News Ethereum: ‘Solid sign of upcoming bounce’ with ‘Merge’ being pushed further

A friend in need. . .

While Ether’s movements might be a source of confusion at the moment, data from Arcane Research revealed that Bitcoin and Ether were still seeing high levels of correlation. In fact, Bitcoin’s 90-day correlation with ETH was 0.91, which is a high last seen in the summer of 2020.

For that reason, an investor who wants to cover all bases could keep an eye on Bitcoin’s metrics as well.

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Written by thegamefi

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