The blockchain tracking firm, glassnode alerts (@glassnodealerts), tweeted this morning that the Ethereum (ETH) Amount of Supply Last Active 3y-5y (1d MA) recently reached a 3-month high of 12,726,298.738 ETH. The tweet added that the previous 3-month high of 12,673,320.712 was observed on 16 January 2023.
In related news, the price of ETH stands at $2,096.12 at press time according to CoinMarketCap. This is after the altcoin leader printed a 24-hour gain of 0.32% and a weekly gain of more than 14%.
ETH was also able to strengthen against the market leader Bitcoin (BTC) by 0.66% over the last 24 hours. As a result, 1 ETH is estimated to be worth around 0.06913 BTC at press time. The altcoin’s price is also currently trading between its 24-hour low of $2,076.83 and its daily high of $2,111.08.
Daily chart for ETH/USDT (Source: TradingView)
The bullish ascending triangle chart pattern on ETH’s daily chart was validated over the past week, which resulted in ETH’s price breaking through the key resistance level at around $1,920 on Thursday.
This bullish momentum continued on Friday and saw the leading atlcoin’s price successfully flip the resistance level at $2,015 into support to reach a high of $2,128.76 before a pullback to close Friday’s trading session off at $2,099.99.
ETH’s price is currently looking to challenge the resistance level at $2,170. However, technical indicators on ETH’s daily chart suggest that the crypto’s price has established a peak. This is evident by the vertex seen on ETH’s daily RSI chart.
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Source: Cryptocurrency - investing.com
