Ethereum FTW: ETH Is Building On-Chain Strength, Willy Woo Says

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Ethereum is one of the stars that are shining these days in the crypto space. At the moment of writing this article, ETH is trading in the green, and the coin is priced above $4,600.

Now, it’s been just revealed that the popular on-chain analyst Willy Woo said that an under-the-radar metric suggests that ETH is gearing up for an impressive rise.

He recently posted on Twitter that Ethereum’s supply shock fundamentals have yet to show up on the second-largest crypto’s price chart.

It’s also important to note the fact that supply shock is a metric that forecasts a digital asset’s price by analyzing how many coins are in the hands of people with a history of selling versus those that don’t.

Here’s what he said more about the path of Ethereum.

“At first glance you can see the Supply Shock model tracks price quite closely. A closer look shows Supply Shock LEADS price. This makes sense as we are tracking the intent of investors BEFORE their action to buy or sell.”

He continued in the notes and said the following as well:

“For example if a long-term investor that historically accumulates moves enough coins to another entity (usually it’s to an exchange) all coins held by that investor become re-classified as liquid or highly liquid as the intent of the investor is now considered to have changed.”

Bitcoin vs. gold

Woo also debated on Twitter that Bitcoin is in competition with gold as a hedge against inflation.

Stay tuned for more relevant news and keep your eyes on the crypto market.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.