{"id":524451,"date":"2023-03-24T17:00:46","date_gmt":"2023-03-24T17:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=524451"},"modified":"2023-03-24T14:27:42","modified_gmt":"2023-03-24T14:27:42","slug":"on-chain-data-indicates-ethereums-bullish-trend-could-continue","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/on-chain-data-indicates-ethereums-bullish-trend-could-continue\/","title":{"rendered":"On-Chain Data Indicates Ethereum\u2019s Bullish Trend Could Continue"},"content":{"rendered":"

Of all the altcoins in the crypto space, the price of Ethereum has been the one that has closely followed the performance trend of Bitcoin. The digital asset has been able to clear the $1,800 level multiple times, dragging more investors into profit. But even more important is that on-chain data is showing increased adoption for the cryptocurrency.<\/p>\n

Ethereum Exchange Withdrawals Reaches 3-Month High<\/h2>\n

The collapse of FTX triggered massive withdrawals from centralized exchanges. However, like with any other thing, the withdrawals had cooled. That is until now when the Ethereum exchange withdrawals have picked up once again, seeing millions of ETH removed from exchanges.<\/p>\n

Related Reading: New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price?<\/a><\/div>\n

On-chain data aggregator Glassnode reported that the amount of ETH being withdrawn from centralized exchanges on a seven-day moving average hit a new three-month high of 3,134.065 ETH. The last time withdrawals were this high was back in late 2022 and the following weeks saw the price of the digital asset climb steadily, as shown in the chart below.<\/p>\n

\"Ethereum<\/p>\n

ETH exchange withdrawals reach 3-month highs | Source: Glassnode<\/a><\/pre>\n
Adoption is also not left behind as the network has seen an uptick in the number of new addresses created. This metric also recovered to a three-month high as new ETH addresses climbed as well<\/a>. Importantly, the Arbitrum (ARB) airdrop spurred adoption on the blockchain as many rushed to take advantage of the new liquidity.<\/p>\n
ETH Profitability Climbs Again<\/h2>\n
With Ethereum\u2019s price tethering between the $1,700 and $1,800 level, a large portion of investors has now moved into the profit territory. Data from IntoTheBlock<\/a> shows that a total of 66% of wallets holding ETH are seeing profit as the coins were purchased at lower than the current price. This has pushed down the percentage of those seeing losses to 32% with 3% sitting in the neutral territory (meaning they bought at the same price the coin is now trading for).<\/p>\n
\"Ethereum<\/p>\n
E<\/pre>\n
Glassnode corroborates this with its report that the number of ETH addresses in profit has reached an 11-month high. At the time of the report, a total of 63,933,355.435 wallets are all in the green. The last time it was this high was at the beginning of the second quarter of 2022.<\/p>\n
Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come?<\/a><\/div>\n
These metrics growing so fast in such a short time point to a largely bullish outlook among investors. This increased positivity in the market can easily translate to better price action for the digital asset and could be the push it needs to finally scale the $2,000 hurdle once and for all.<\/p>\n
At the time of writing, Ethereum is changing hands at $1,790, up 2.26% in the last day. It is seeing meager gains on the weekly chart after rising only 2.44% in the last week.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Of all the altcoins in the crypto space, the price of Ethereum has been the one that has closely followed the performance trend of Bitcoin. The digital asset has been able to clear the $1,800 level multiple times, dragging more investors into profit. But even more important is that on-chain data is showing increased adoption for the cryptocurrency. Ethereum Exchange Withdrawals Reaches 3-Month High The collapse of FTX triggered massive withdrawals from centralized exchanges. However, like with any other thing, the withdrawals had cooled. That is until now when the Ethereum exchange withdrawals have picked up once again, seeing millions of ETH removed from exchanges. Related Reading: New Proposal Wants To Burn All Coins In LUNC Oracle Pool, Will This Help The Price? On-chain data aggregator Glassnode reported that the amount of ETH being withdrawn from centralized exchanges on a seven-day moving average hit a new three-month high of 3,134.065 ETH. The last time withdrawals were this high was back in late 2022 and the following weeks saw the price of the digital asset climb steadily, as shown in the chart below. ETH exchange withdrawals reach 3-month highs | Source: Glassnode Adoption is also not left behind as the network has seen an uptick in the number of new addresses created. This metric also recovered to a three-month high as new ETH addresses climbed as well. Importantly, the Arbitrum (ARB) airdrop spurred adoption on the blockchain as many rushed to take advantage of the new liquidity. ETH Profitability Climbs Again With Ethereum\u2019s price tethering between the $1,700 and $1,800 level, a large portion of investors has now moved into the profit territory. Data from IntoTheBlock shows that a total of 66% of wallets holding ETH are seeing profit as the coins were purchased at lower than the current price. This has pushed down the percentage of those seeing losses to 32% with 3% sitting in the neutral territory (meaning they bought at the same price the coin is now trading for). E Glassnode corroborates this with its report that the number of ETH addresses in profit has reached an 11-month high. At the time of the report, a total of 63,933,355.435 wallets are all in the green. The last time it was this high was at the beginning of the second quarter of 2022. Related Reading: XRP, ADA Lead Market Rally With Double-Digit Gains, More Upside To Come? These metrics growing so fast in such a short time point to a largely bullish outlook among investors. This increased positivity in the market can easily translate to better price action for the digital asset and could be the push it needs to finally scale the $2,000 hurdle once and for all. At the time of writing, Ethereum is changing hands at $1,790, up 2.26% in the last day. It is seeing meager gains on the weekly chart after rising only 2.44% in the last week. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from iStock, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":524454,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,16163,88033,1946,8686,78803],"class_list":["post-524451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-price","tag-eth-usage","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nOn-Chain Data Indicates Ethereum\u2019s Bullish Trend Could Continue<\/title>\n<meta name=\"description\" content=\"Of all the altcoins in the crypto space, the price of Ethereum has been the one that has closely followed the performance trend of Bitcoin. 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"On-Chain Data Indicates Ethereum\u2019s Bullish Trend Could Continue","url":"http:\/\/ktsl888.com\/news\/ethereum\/on-chain-data-indicates-ethereums-bullish-trend-could-continue\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/on-chain-data-indicates-ethereums-bullish-trend-could-continue\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/iStock-1145882183.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/iStock-1145882183.jpg?fit=1310%2C801"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth price","eth usage","ethereum","ethusd","ethusdt"],"dateCreated":"2023-03-24T17:00:46Z","datePublished":"2023-03-24T17:00:46Z","dateModified":"2023-03-24T17:00:46Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"On-Chain Data Indicates Ethereum\\u2019s Bullish Trend Could Continue\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/on-chain-data-indicates-ethereums-bullish-trend-could-continue\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/on-chain-data-indicates-ethereums-bullish-trend-could-continue\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1145882183.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/03\\\/iStock-1145882183.jpg?fit=1310%2C801\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth price\",\"eth usage\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-03-24T17:00:46Z\",\"datePublished\":\"2023-03-24T17:00:46Z\",\"dateModified\":\"2023-03-24T17:00:46Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/03\/iStock-1145882183.jpg?fit=1310%2C801","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/524451"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=524451"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/524451\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/524454"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=524451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=524451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=524451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}