Both Bitcoin [BTC] as well as Ethereum [ETH] had a fall yesterday after moving past strong lines of resistance. While Ethereum’s multiple attempts to hit an all-time high failed, people didn’t seem to lose hope in the altcoin.
Turns out, the HODLers of ETH are making a profit. A chart from the chain metrics platform, Glassnode revealed that the ETH addresses in loss had hit a new low.
Glassnode pointed out that the ETH addresses that were in a loss were at 176,569.625 which was reportedly a 3-year low. The network had previously hit a low of 184,681.958 about ten days ago. While this metric proved to be beneficial for the network, the short-term price chart of the altcoin affirmed it was bound to see profitable days ahead.
Bulls start grazing in the ETH market
During the time of writing, ETH was trading for $1,311.73 with a a price change of -5% over the last 24-hours. The last seven days proved to be extremely beneficial for the altcoin as it bagged gains of over 30%. The Relative Strength Index indicator revealed that ETH was in overbought zone.
The assets profitable price change had investors purchasing the asset without a stop. The Parabolic SAR indicator prolonged its stay below the candlesticks. This paved the way to a bullish sentiment. The MACD indicator formed a bullish crossover as the tussle between the signal line and the MACD line led to the latter winning.
Ethereum’s price movement, yesterday, opened the door to an array of predictions for the altcoin. Popular YouTuber, who goes by the name, Ivan on Tech suggested that ETH could go as high as $5K in February. Whereas, Bitcoin Liz tweeted,
Once $ETH reaches ATH we'll jump to $3,000 fast!!
— Bitcoin Liz – Made with Moralis ⚒️ We're hiring! (@LizBitcoin) January 19, 2021
More updates on the network front flow in as Ethereum prepares for the Berlin hard fork. In a recent tweet, James Hancock, the hard fork coordinator for Eth1 suggested that all the clients were ready for hard fork.
All the EIPs had their codes merged on to Ethereum’s clients, Geth, Besu, Nethermind and OpenEthereum. While the hard fork was scheduled to be implemented in June 2020, the latest news suggests that the network was getting closer to the hard fork.