bitcoin (BTC) The second-largest cryptocurrency continues to trade above the $20,000 psychological limit. Ethereum (ETH) He also struggles for 1600 dollars.
Automatic alert service from Glassnode, the market’s leading on-chain data provider. Glassnode Alerts’Ethereum share came from
Sharing on its Twitter account, Glassnode Alerts announced that there has been an increase in the number of Ethereum that last moved 12 to 24 months ago.
Noting that there has been an increase in the number of ETH that has not been active and dormant for at least 1 year, Glassnode stated that the number of inactive ETH has been at the peak of the last four years.
“As of November 7, the amount of Ethereum that is dormant (ETHs that have not moved for at least 12 months to 24 months) reached a new ATH of 35,185,071,976 ETH.
The previous ATH was observed on October 10, 2018 with 35,184,941,152 ETH.”
📈 #Ethereum $ETH Amount of Supply Last Active 1y-2y (1d MA) just reached an ATH of 35,185,071.976 ETH
Previous ATH of 35,184,941,152 ETH was observed on 10 October 2018
View metric:https://t.co/UacpFoEAvd pic.twitter.com/EjnaQtwGKx
— glassnode alerts (@glassnodealerts) November 7, 2022
On ATH seen in October 2018, Ethereum was trading at $230.
Is ETH Bear Market Ending?
The inactivity of cryptocurrencies is considered a typical bear market indicator. As investors accept the low price towards the end of the bear market, do not want to realize their losses and their future expectations reinforce their HODL approach, an increase in the amount of dormant tokens is observed.
This data can be considered as an indication that we are approaching the end of the bear market. Because, shortly after this number reached its peak in 2018, we see that the bear market reached its real bottom and the ETH price started to rise.
The point to note here is that we see that the rise does not come immediately after the number of dormant tokens reaches its peak. In 2018, we see that there was a last capitulation candle (decrease) for investors waiting in HODL position to surrender to the market, and then the market entered the recovery phase.
The long-standing horizontal trend in cryptocurrencies caused investors to wait in HODL positions.
The real question is whether we’ll see a final drop in capitulations for these investors to capitulate.
While some analysts expect such a sharp drop and a deep needle, some think that there is no need for this, and investors have already surrendered to the market due to the harsh bear market this year.
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