ETH’s Amount of Supply Last Active 3Y-5Y Is at a 3-Month High

The blockchain tracking firm, glassnode alerts (@glassnodealerts), tweeted this morning that the Ethereum (ETH) Amount of Supply Last Active 3y-5y (1d MA) recently reached a 3-month high of 12,726,298.738 ETH. The tweet added that the previous 3-month high of 12,673,320.712 was observed on 16 January 2023.

In related news, the price of ETH stands at $2,096.12 at press time according to CoinMarketCap. This is after the altcoin leader printed a 24-hour gain of 0.32% and a weekly gain of more than 14%.

ETH was also able to strengthen against the market leader Bitcoin (BTC) by 0.66% over the last 24 hours. As a result, 1 ETH is estimated to be worth around 0.06913 BTC at press time. The altcoin’s price is also currently trading between its 24-hour low of $2,076.83 and its daily high of $2,111.08.

Daily chart for ETH/USDT (Source: TradingView)

The bullish ascending triangle chart pattern on ETH’s daily chart was validated over the past week, which resulted in ETH’s price breaking through the key resistance level at around $1,920 on Thursday.

This bullish momentum continued on Friday and saw the leading atlcoin’s price successfully flip the resistance level at $2,015 into support to reach a high of $2,128.76 before a pullback to close Friday’s trading session off at $2,099.99.

ETH’s price is currently looking to challenge the resistance level at $2,170. However, technical indicators on ETH’s daily chart suggest that the crypto’s price has established a peak. This is evident by the vertex seen on ETH’s daily RSI chart.

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.

Source