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ATH Supply Dynamics Post Indicates This For Ethereum In Near Future

Ethereum, the altcoin king has enjoyed a steady rise, hitting an ATH of $ 4,440.77 and still trading at a modest $ 4,330.08. Time predictions and race-to-run price anticipations ATH are floating around the market, Ethereum supply dynamics have been narrating a separate tune, a pleasant tune (luckily for the bulls).

Greater utility

In particular, the number of active ETH addresses over the past month saw a steady increase which was key in setting its new ATH price of $ 4,457 on October 29. This increased profit continued to be one of the main proponents of price gains.

The good news was that the active addresses were still holding the higher levels, as was the ETH price. In addition, the number of new addresses also experienced a massive increase that presented increased market euphoria and new entrants flocking to the network. The number of new addresses goes up more than 65% in less than a week.

Source: Glassnode

That said, when Ethereum hit a new ATH after hitting a massive token-circulation exit day of $ 1.74M ETH, the same thing created a bullish divergence. Overall, on-chain metrics appeared to be quite healthy for the major altcoin, as profit seemed to be increasing as well.

Source: Santiment

Supply and demand leading to price discovery

For the fourth time since May 2021, Ethereum was hitting the all-time high of $ 4,400. In that same time frame, the supply and demand for Ethereum changed dramatically. In particular, in just five months, the available supply of Ethereum on core exchanges has decreased by 18%, which is equivalent to an amount of more than 4 million ETH.

Source: CryptoQuant

A CryptoQuant mail He highlighted how, based on supply and demand dynamics, the aforementioned trend could lead ETH to price discovery very soon.

However, in the near future, a possible scenario for Ether would be to change the support / resistance at $ 5000 and then continue to move higher. Analyst Michaël van de Poppe also noted that Ethereum’s next momentum wave target could be $ 6,000.

In particular, according to data From Skew there are about 102K calls placed at the $ 5K level for Ether in accordance with the global interest in Ether options per strike. So it seems like a large chunk of the market is expecting to see ETH above $ 5K.

This is a machine translation of our English version.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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