Since less than two months ago, many global investors, and traders have been rushing to have a stake in the second most valuable crypto known as Ether.
Data retrieved from Santiment Research Company, a crypto analytic firm, revealed that Ethereum’s total coin supply held off exchanges continues to rise, and is +3.63% since bottoming on March 24, shortly after Black Thursday.
Meanwhile, the top 100 non-exchange addresses have increased bags by +8.2% in just 35 days; both are bullish signals.
READ: Two Bitcoin whales transfer 4,503 BTC, as Bitcoin stays above $11,400
$ETH's total coin supply held off exchanges continues to rise, and is +3.63% since bottoming on March 24, shortly after Black Thursday. Meanwhile, the top 100 non-exchange addresses have increased bags by +8.2% in just 35 days. Both are bullish signals. 📈https://t.co/ihxdBA5YO1 pic.twitter.com/HpWnwdOYsF
— Santiment (@santimentfeed) August 31, 2020
Is it time to buy Ether? With ETH finally breaking out of its long $200-$250 daily close range since about five weeks ago, Nairametrics revisited Ethereum’s historical model that illustrates the number of times a daily close transition has occurred between psychological support levels.
READ: XRP plunges more than 10%, biggest daily percentage drop since March 12
The second most valuable crypto, Ether (ETH), has been showing good strides in its most recent bullish path and looks likely to continue recording new highs in the near term. ETH price surged from $220 to $445 in just five weeks, and this is one of the largest surges for the crypto in the past 18 months.
However, the crucial area to keep holding ETH is the crypto asset breaching the $500 critical resistance level.
Traders should be wary that a breach in the $385 support level could send ETH back to the $350 level, but as long as ETH maintains support at the $396–$410 area, further upside is likely.
READ: Investors lose N162 billion amidst buying pressure from ZENITH, GTBANK
Things you need to know about Ethereum
ETH is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for ETH to go offline.
Get relevant financial data from Nairalytics
Like with many other crypto assets, speculating with Ethereum can be highly profitable and has had a good history of giving its investors huge returns. However, there are also many other options of making income from Ethereum. These options include Ethereum mining, Ethereum faucets, and ETH staking.
