Ethereum Holds Over 1.7M ETH Supply; Highest in Last 6 Months
CoinEdition
Published Oct 17, 2022 05:23AM ET
Ethereum Holds Over 1.7M ETH Supply; Highest in Last 6 Months
- Glassnode reported that ETH hit a 6-month high of $17M in the amount of supply.
- This was the amount last active on 1m-3m metrics (1d MA).
- Meanwhile, ETH’s price is relatively low between $1.3K and $1.4K.
Ethereum (ETH) showed an astronomical rise in the amount of supply last active, reaching a 6-month high of 17,186,333.998 ETH. Glassnode reported this rally based on the 1-day Moving Average (MA).
ETH-USDT 1-Day Trading Chart (Source: TradingView)
However, despite ETH’s price standing low compared to its high amount of supply, the coin signaled a 2.08% hike in the past 24 hours. Currently, ETH trades at $1,309.6. Nevertheless, the coin should look at $1342 as its next challenging level. Also, this level can be considered the nearest resistance zone.
Additionally, if the 50-day EMA line touches the current green candle of the coin, the price could be expected to take another hike or dip. Major coins, including Bitcoin, have signaled green in the past 24 hours, but the weekly performance of the coins has precipitated, specifically due to a red day on October 13.
Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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