On-Chain Metrics for ETH Grows: Is It Time To Buy ETH?

• Glassnode Alerts tweeted that two on-chain metrics for ETH increased recently.
• In these tweets, Glassnode shared that the number of non-zero addresses for ETH is at an ATH.
• In related news, ETH’s price has continued to decline over the last 24 hours.

Glassnode alerts (@glassnodealerts) tweeted two posts regarding the leading altcoin Ethereum (ETH) this morning. The first tweet made by the blockchain intelligence firm showed that the number of Non-Zero Addresses on ETH recently reached an all-time high of 97,917,018.

Meanwhile, in the second tweet, glassnode alerts shared that the Mean Gas Usage (7d MA) for ETH just reached a 1-month high of 109,653.064. The post added that the previous 1-month high of 109,578.802 was observed yesterday.

CoinMarketCap shows that the price of ETH is down 1.75% over the last 24 hours. Similar to many other altcoins in the market, ETH has posted a negative weekly performance. Currently, ETH’s price is down more than 12% over the last seven days. As a result of the crypto’s recent price movement, ETH is now trading at $1,840.46.

The altcoin was, however, able to outperform the market leader Bitcoin (BTC) by 0.34% during the last day. In addition to this, ETH’s price was able to establish a daily high of $1,888.19, but has since then retraced to its current level near its 24-hour low of $1,831.16.

A significant bearish flag is about to trigger on ETH’s daily chart with the 9-day EMA on the verge of crossing below the 20-day EMA. Should this technical flag be validated, the altcoin’s price may drop to $1,780 in the next day or two.

In addition to this potential bearish flag, the daily RSI is currently flagging bearish as well. At press time, the daily RSI line is trading below the daily RSI SMA line and is sloped negatively towards the oversold territory.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Post Views: 9