ETH Analysis: Could ETH be on Its Way to the Strongest Bull Run?
Ethereum has been a good option for crypto trading, considering the convenience of its prices compared to bitcoin. The coin has been experiencing a bullish run since the end of July. It broke against the $240 amounts it withheld for a while, to monthly highs of over $430.
However, ETH has had shaky pricing for the past few days hitting below $400 mark on August 21, hitting $379.50. The value set its resistance at around $365, which was lower than expected in over a week. On August 24, ETH displayed about a 5% spike for the day against all the odds breaking $400 resistance.
It is a curious occurrence that ETH-based crypto asset whales move their coins off exchanges despite the low week. Is there a more substantial bullish rally coming shortly?
Recent ETH Transfers
According to Santiment, an on-chain site for crypto data, including metrics and daily markets, suggested that ETH and the ERC-20 tokens’ decoupling from other altcoins may be nigh.
“A leading indicator we see with ETH-based crypto assets before decoupling from other altcoins is major top holder movement off exchanges.”
The site further suggested that this element showed that top holders were comfortable that the coin would gain in the future. In turn, it makes it a better option to hold than sell the currency.
Recently, two anonymous major players transferred over 53,400 ETH to and from Kraken exchange. A twitter post showed that one moved 28,528 ETH to the exchange while the other, 24,927 ETH from it on August 22.
You may owe it to the belief that ETH is still on a bullish run. The current resistance is at $415, with the higher limit set above $440. A tweet by the Wolf of all Street, Scott Melker suggests the same hope for ETH.
“How can you not be bullish on $ETH? Every trader….”
A Positive Long-term Outcome for Ethereum
Besides clear signs of a probable bull run on the resistance lines set, ETH’s RSI and OBV indicators show the same. The RSI breakout highlights an increase in buyers‘ activity above 50.
According to a recent market insights report, the holders have surged to around 88%, indicating faith in a brighter future for the currency.
The report analyzes the rise in dormant circulations of the coin in August compared to July, showing the possible wait-off for significant sales.
Relating to the point of ETH movement stated earlier, the report shows a decline in active addresses holding above 100 ETH. It demonstrates a correlation to dormant circulation and whales’ movement of the crypto assets.
Overall, it will not be a surprise if the second most dominant currency in history hits prices above $500 in the coming month.