Volatility has been low, however Bitcoin woke up yesterday, and data such as the directions in Ethereum indicate that the bull run is solid.
Even though we’ve been having a pretty boring week in the crypto market, with a propensity for increased sales, today Immediate Edge has been jumping up and down. Ethereum has followed this behavior, supported by solid fundamentals such as the increasing number of active addresses in its network.
For the moment, the rise of BTC is not yet very relevant, since the price is locked in a lateral range. This behavior is fostered by a fairly balanced market, where large players take profits while institutional hands continue to enter capital.
Bitcoin does not correct too much, it seems ready to set a new historical high in the next hours
After a correction towards $17,572, the bulls have regained control of the intraday trend, and could be driving the price towards $20,000 in the near future.
As of this writing, the price of Bitcoin is $19,290, showing a 4.24% gain in the last 24 hours.
When we look at the weekly chart, we notice a clear upward trend in the medium term, but it still doesn’t make a healthy enough drop.
Quietly Bitcoin may be looking to make another upward move in the next few hours. However, a deeper correction seems closer than the ones we’ve been seeing lately.
At the moment, a volatile upward jump is most likely in the short term, as long as that resistance zone at the historical high doesn’t get in the way of the bulls‘ intentions again.
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The number of active addresses in Ethereum has increased by 140% in 2020
Ethereum has also been behaving positively in the last 24 hours, jumping 6.84% up, trading at $591.96 at the time of this writing.
A quite relevant data that shows us the growth of the adoption of a crypto currency is the number of active addresses in its network.
In the case of Ethereum, this figure has risen from 158,039 in January of this year to 379,249 addresses at present, which means an increase of 140%.
Vinokourov from Bequant assures that this figure, along with the movement of users from centralized to decentralized exchanges, means a great opportunity for liquidity for the token economies that coexist in the Ethereum ecosystem.
Active addresses in Ethereum. Source: GlassnodeActive addresses in Ethereum.
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Technical analysis of the price of ETH
The weekly Ethereum price chart shows a solid medium-term uptrend, with a small decline that seems to have just ended.
The immediate barrier is at $619.66. If it is broken, which is most likely, the ground would be cleared to $794.30.
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