A number of notable on-chain measures for Ethereum have emerged recently, with its price hitting its highest level since May 2018.
Ethereum’s prices have remained stable at around $ 645 over the past 24 hours, as the big brother sits just below its new all-time high.
The world’s second-largest crypto asset hit a peak price of $ 675 on Thursday, December 17, but has fallen a bit since. ‘CryptoHamster’ analyst has identified a number of bearish indicators that could signify another correction for Ethereum;
“Currently, it has formed an ascending triangle accompanied by a bearish divergence and potentially an explosive top.”
Several bearish signs resulted in a correction of 16% for # Ethereum.
Currently, it has formed an ascending triangle accompanied by a bearish divergence and potentially an explosive top.
The parabolic bull / bear SAR reversal over a daily period is the wedge support.$ ETH $ ETHUSD pic.twitter.com/ooOYJaKYue
– CryptoHamster (@CryptoHamsterIO) December 18, 2020
Low Ethereum on exchanges
There have been other interesting metrics such as the percentage of Ethereum’s supply held on exchanges staying low during this market-wide crypto rally, as Santiment noted.
The percentage of # EthereumThe offer held on the stock exchange remained low during this market #crypto rally. Meanwhile, #BitcoinSupply has slowly returned since it left the stock markets last week. Often this can indicate #altcoins pic.twitter.com/Mu4o3CZD9E
– Santiment (@santimentfeed) December 18, 2020
The analysis provider has applied;
“Often this can indicate that altcoins are being advertised to run their own course. But understand that it could be a riskier game if BTC ends up weakening and bringing crypto markets down with it.
There could be several reasons for this, on the one hand the use of ETH in DeFi protocols and on the other hand the increasing amount of it put into play on the ETH 2.0 beacon chain.
According to Defipulse.com, there is just over 7 million ETH, or roughly 6.24% of the total supply, locked in various yield protocols and liquidity pools. These are all ETH that would otherwise be stored on exchanges or in wallets.
In addition, 1.54 million ETH, or 1.35% of the supply, is now blocked in the ETH 2.0 deposit contract. This will not be reviewed for at least 18 months as it cannot be traded until Phase 1.5 merges the existing ETH 1.0 chain with the new Beacon chain.
At current prices, it’s only a billion dollars worth of Ethereum, pre-invested in the future of the network.
Peak gasoline costs… again
The news is not so good for users of the Ethereum network, as gas charges have climbed to a three-month high according to Bitinfocharts.com.
Currently, the average trade costs $ 5.23, a rise of more than 200% from last weekend’s levels. DeFi researcher Chris Blec posted the usual derogatory dig to the network.
– Chris Blec (@ChrisBlec) December 17, 2020
For those who want to save on gas costs, which will not be cheaper over the next year, there are still solutions such as Loopring’s Layer 2 DEX or the plasma powered OMG network.
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