Ethereum [ETH] It crossed $1,500 on 19th July, having last crossed that mark on 12 June. This is the result of a massive bull run that began at $1,100 on 12 June after an update regarding the Merge.
The latest on-chain data reveals that crowd disbelief is very evident on social media. The increasing price of Ethereum has also led to an increase in average Ethereum returns. The average ETH returns of 30-day traders have increased to 28% since August 2021, the highest recorded level since then.
📈 #EthereumAs the crowd is skeptical of this rebound, it seems that a return to $1,500 appears to be possible. Despite this, the average has risen to $1,500. $ETH The return on 30-day traders has risen to +28%, which is the highest level since August 2021. https://t.co/KsTbw9Iaev pic.twitter.com/7oqdGgK9pB
— Santiment (@santimentfeed) July 18, 2022
There is no need to back down.
Despite warnings of a drawdown in the ETH network, there are some encouraging indicators.
The current relief rally during this bear cycle has also aided Ethereum’s growth in recent days. So what does this mean for Ethereum right now?
Recent Glassnode tweets provided data to analyze Ethereum’s current price trajectory.
The number of transactions (7d MA on Ethereum) reached 48,100 on July 19, as traders bought and sold to make profits or cut losses.
Source: Glassnode
A bullish indicator was also the decreasing balance of exchanges. It reached a one month low of 21,039.062.196 ETH on 29 Jul.
This refers the trend of removing exchange holdings to ensure long-term commitments to the network. Three days ago, on 16 July, the previous one-month low at 21,155.053.268 Ethereum was noted.
Source: Glassnode
It’s not clear if there are mixed signals.
Ethereum is in a similar situation again. With contradicting indicators, it is becoming increasingly unclear whether the Ethereum bubble might burst.
Ethereum whales are also starting to show interest in the rally, with over 131 whales returning back to the network recently.
ETH may experience a short-term slowdown, before rebounding.Â
Finally, investors/traders need to watch out for Bitcoin’s movement. This is because ETH has a staggering 81% 30-day correlation to the king coin.