Following Bitcoin’s surge above $67,000, the crypto fear and greed index soared to 73. Despite this bullish sentiment, Ethereum is yet to witness significant price gains.
As of the current moment, the leading altcoin is trading at $2,604, experiencing a minor 0.4% decline within the past 24 hours.
On the daily chart, Ethereum is displaying a bullish divergence, with the Moving Average Convergence Divergence indicator signaling a positive trend.
Furthermore, the MACD histogram bars have transitioned into green territory, growing in size, indicating an increase in bullish momentum.
Nevertheless, the Chaikin Money Flow (CMF) remains negative, suggesting a net capital outflow from Ethereum rather than an inflow into the altcoin.
This indicates that potential buyers are still hesitant, possibly waiting for Ethereum to break a crucial resistance level at $2,687 before engaging in the market.
If the positive divergence identified by the MACD indicator materializes, Ethereum is likely to surpass this resistance level and set its sights on the $2,900 target. Analysis of on-chain metrics supports the possibility of this upward trajectory.
Surge in Ethereum Exchange Outflows Reaches a Two-Week Peak
Ethereum witnessed a notable surge in outflows from exchanges on October 15th, indicating a trend of traders withdrawing their assets from trading platforms, signaling a reluctance to sell.
On that day, Ethereum outflows peaked at 589,611, amounting to over $1.5 billion.
Consequently, total Ethereum netflows hit their highest level since late September, implying a potential alleviation of selling pressure on Ethereum, potentially setting the stage for a price recovery.
Increasing Open Interest
The Open Interest in Ethereum is another factor that could impact price movements. At present, Ethereum’s Open Interest stands at $12.76 billion, indicating growing market involvement and interest from derivative traders.
A rise in Open Interest amidst minor price fluctuations suggests a rise in speculative activities related to Ethereum.
This scenario could lead to heightened volatility if traders opt to close their positions in response to significant price movements.
Promising Signs from Active Addresses
On October 15th, the number of active addresses on the Ethereum network hit 349,507, marking the highest level in the past month. This spike is viewed positively as it indicates increased demand for Ethereum or a growth in network activity.
This surge in addresses correlates with an uptick in profitability.
Data provided by IntoTheBlock reveals that following the recent price surge, the proportion of daily active addresses in profit climbed to 30%, reaching its peak over the last month.
Simultaneously, the number of daily active Ethereum addresses experiencing losses decreased to 13%.