Ethereum has undergone a strong rally over the past few days amid a Bitcoin push higher. In the past seven days, ETH has gained around 10%, pushing from the $370 region to $410 as of this article’s writing. ETH is expected to push higher as there are fundamental and on-chain trends that favor bull trends.
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Key Ethereum On-Chain Trends Bullish
Ethereum is expected to move higher in the days and weeks ahead as on-chain trends remain bullish. Santiment, a blockchain analytics firm, recently shared the chart seen below, showing that the number of active ETH addresses has increased while miners aren’t selling:
“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”
Chart of ETH's price action over the past few months with an overlay of miner balances. Chart from Santiment
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ETH Technicals Also In Positive State
The technicals for the leading cryptocurrency are also in a positive state. One crypto-asset swing and day trader recently shared that with the push above $395, a move towards $490 is becoming increasingly likely:
“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”
Others echoed this sentiment.
Ethereum crossing above the pivotal resistance levels in the $390-400 range is pivotal for the bull case. ETH holding above that region should result in further gains in the weeks ahead.
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Featured Image from Shutterstock Price tags: ethusd, ethbtc, ethusdt Charts from CoinPrice.Watch.com Two Strong Ethereum On-Chain Trends Suggest the Trend Is Bullish