Cryptocurrency While the market continues to be traded with a performance far from the expected performance for a while, the markets are trying to regain their strength. In addition to all the developments, an analyst, the leading crypto asset EthereumHe claimed that ‘s will show a ‘historic performance’ by recording an extraordinary rise.
The analyst, known by the pseudonym Mustache, thinks that the historical patterns between 2016 and 2017 are used as an ‘indicator’ and if this holds true, the biggest bull market in Ethereum history could be at the door.
Comparing the price action between 2016-2017 with the price action of 2021-2022, Mustache can see almost the same model between the years 16-17 and the years 21-22, according to its technical analysis. The analyst interpreted this situation with the following words:
“Ethereum will soon launch one of the biggest bull markets in the history of cryptocurrencies.”
Ethereum Bullish Indicators Are Very Strong!
Koinfinans.com As we reported, another indication of a possible future price increase for Ethereum can be cited as the circulating supply, which has dropped by around 4,000 ETH in just two days.
On top of that, the number of new Ethereum addresses according to the seven-day moving average (MA) reached a 10-month high of 5,044,161. In addition to this technical indicator, Ethereum’s open interest in Binance, the largest crypto exchange, increased 10% as new capital began to enter the market, reaching an all-time high of 1.3 million ETH.
On October 8, 135,780 new addresses joined the Ethereum network. Although interactions have decreased after The Merge update, the number of new addresses added to the network is at its highest level since December 7, 2021.
Ethereum is currently trading at $1,300, which represents an increase of 1.32% on the day, but is still down 3.42% over the previous seven days.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.