The Ethereum (ETH) market has been following an accelerated trend over the past few months, with the price increasing as well. In the middle of the active spot market, Ethereum’s active supply dropped to new lows. As reported by data provider Glassnode, the active supply of ETH, measured over a 3-6 month period, reached 5-year low of 5,073 million ETH.

 

The data provider noted:

https://twitter.com/glassnodealerts/status/1345267519976853504

 

Ethereum investors are hodling heavily

The chart above showed that supply recorded a strong peak in 2019, when the price of ETH consolidated in a narrow range. We are now in an active bull market, but the active supply has dropped to a 5-year low.

While ETH is rising on the charts, there is strong “HODLING” behavior among Ethereum investors and traders. Ethereum charts on TradingView showed an upward trend in the price of ETH for seven consecutive days towards the end of the year. This 34% increase over a week pushed the price from $ 565 to $ 759, and at the time of this writing ETH is trading at $ 734.

As the altcoin remains at a price level of over $ 700 and Bitcoin hits all-time highs of over $ 29k, the chances for the altcoin season to begin are strong. Meanwhile, traders are preparing to participate in the altcoin season that has not yet begun.

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This enthusiasm was reflected in the significant increase in the number of Ethereum holding addresses. In the last days of 2020, the number of addresses with ETH reached an ATH of over 51.4 million. At the beginning of the year, this value was 34.7 million. The number of non-zero addresses reached 50,476 million as a reflection of the rise in traders’ attitude.

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