We Continue to Hold ETH Buy Position As Ethereum Metrics Improve
After experiencing heavy losses in the first two quarters of 2023 as it reversed down from close to $5,000, Ethereum has been making higher highs, which shows that the trend has been bullish for more than a year. During most of this month, Ethereum has been consolidating between $1,100 and $1,400, but it looks like the bullish momentum will resume again, sending this pair higher, as Ethereum prepares for the next upgrade.
Ethereum Holders Reach All-Time High
In recent months the crypto market has been attracting decent bids, as the financial world becomes more uncertain with bank failures, incredible rate hikes by central banks and the global economy being in a difficult place. On the other hand, the legitimacy of the crypto market has increased after the approval of the Bitcoin ETF earlier, which puts crypto assets in the main financial stage legally.
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As a result, the demand for crypto assets and Ethereum has increased in Q3 of 2023, The amount of Ethereum owned by long-term holders reached a record of over 70% this month, who continue to hold on to their Ethereum stash, contributing to the new benchmark for this cryptocurrency. The latest metrics also reveal that Ethereum has surpassed Bitcoin in terms of the percentage held by long-term holders, with the latter a little below the 70% mark.
In a recent post, crypto analytics firm IntoTheBlock showed that as of December 24, 74% of investors had held ETH for more than a year, which is a really high number.ย This comes as the crypto market has continued to recover this year and traders keep holding their ETH coins in anticipation of a continuation of the bullish run.
Ethereum Preparing for the Next Bullish Leg?
Despite improving metrics, ETH has underperformed other major cryptocurrencies this year, with Ethereumโs market valuation increasing by around 85% for this year, as we head into the close of 2023, in what seems like the start of another bull market cycle. This is a modest market growth in comparison to other major cryptocurrencies. The market cap of Bitcoin and Solana has surgedย by 163% and 744% respectively.
Ethereum Weekly Chart โ The 200 SMA Holds As Support
The lows have been getting higher since May 2022
On the weekly Ethereum chart above we see that the crash in 2022 stopped at the 200 SMA (purple) below $2,000, which has been holding as support on several occasions. The highs have been getting higher since then, as the 200 SMA pushes up, which is a sign that the trend is bullish and in the last three months buyers have taken charge, sending Ethereumabove $2,000. This month Ethereum has been consolidating, but we continue to hold on to our ETH buy signal, since buyers still remain in control.
Ethereum ETH Live Chart
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