It’s been just revealed that a vital Ethereum on-chain metric is flashing a bullish signal. Check out the latest reports below.
At the moment of writing this article, ETH is trading in the green, and the coin is priced at $1,289.
Ethereum to make bullish moves?
It’s been reported that the crypto analytics firm Santiment says that a key metric is flashing a bullish signal for Ethereum (ETH) amidst a persistent crypto bear market.
According to Santiment, Ethereum is flashing signs for a big rally after a surge in address activity.
Just in case you don’t know, this is an on-chain metric that tracks the number of distinct ETH addresses that participated in a transfer on any given day.
“Ethereum’s active addresses surged to its highest level in over six weeks yesterday, and that likely factored into today’s price growth. On October 15th, the last time addresses spiked at this level, the price of ETH jumped +30% over the next three weeks.”
Santiment also made sure to explain the fact that the number of Ethereum whales and sharks, or entities holding between 100 to 100,000 ETH, are increasing since the high-profile implosion of FTX in early November.
“Ethereum’s large key addresses have been growing in number since the FTX debacle in early November. Pictured are the key moments where shark and whale addresses have accumulated and dumped. The number of 100 to 100,000 ETH addresses is at a 20-month high.”
ETH-based alt rally around the corner?
The crypto strategist who correctly called Bitcoin’s (BTC) 2018 bear market bottom says two altcoins appear poised for rallies.
Pseudonymous analyst Smart Contracter said that peer-to-peer payments network Litecoin (LTC) has broken out of a bullish continuation pattern on the lower timeframe.
“Clean four-hour bull flag break on LTC.”
At the time of writing, LTC is swapping hands for $77.33. Stay tuned for more news.