On-Chain Metrics for ETH Grows: Is It Time To Purchase ETH?

• Glassnode Alerts tweeted that two on-chain metrics for ETH elevated not too long ago.
• In these tweets, Glassnode shared that the variety of non-zero addresses for ETH is at an ATH.
• In associated information, ETH’s value has continued to say no over the past 24 hours.

Glassnode alerts (@glassnodealerts) tweeted two posts relating to the main altcoin Ethereum (ETH) this morning. The primary tweet made by the blockchain intelligence agency confirmed that the variety of Non-Zero Addresses on ETH not too long ago reached an all-time excessive of 97,917,018.

In the meantime, within the second tweet, glassnode alerts shared that the Imply Fuel Utilization (7d MA) for ETH simply reached a 1-month excessive of 109,653.064. The put up added that the earlier 1-month excessive of 109,578.802 was noticed yesterday.

CoinMarketCap reveals that the worth of ETH is down 1.75% over the past 24 hours. Just like many different altcoins out there, ETH has posted a damaging weekly efficiency. At present, ETH’s value is down greater than 12% over the past seven days. Because of the crypto’s current value motion, ETH is now buying and selling at $1,840.46.

The altcoin was, nonetheless, capable of outperform the market chief Bitcoin (BTC) by 0.34% over the past day. Along with this, ETH’s value was capable of set up a day by day excessive of $1,888.19, however has since then retraced to its present degree close to its 24-hour low of $1,831.16.

A major bearish flag is about to set off on ETH’s day by day chart with the 9-day EMA on the verge of crossing beneath the 20-day EMA. Ought to this technical flag be validated, the altcoin’s value could drop to $1,780 within the subsequent day or two.

Along with this potential bearish flag, the day by day RSI is at present flagging bearish as nicely. At press time, the day by day RSI line is buying and selling beneath the day by day RSI SMA line and is sloped negatively in direction of the oversold territory.

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