• Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
Monday, January 30, 2023
  • Login
  • Register
Coin24h.com
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining
No Result
View All Result
Coin24h.com
No Result
View All Result
Ledger Nano X - The secure hardware wallet
ADVERTISEMENT

Last Time This Metric Was This High, Ethereum Reached Its February High

19 August 2020
in Ethereum
Reading Time: 3 mins read
A A
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter
cryptotrader
ADVERTISEMENT



  • Bitcoin and Ethereum have both embarked on strong rallies in the past four months.
  • In the past month alone, ETH has gained approximately 80% while BTC has gained approximately 30%.
  • Both assets are some of the best-performing markets in 2020, which comes in spite of the pandemic.
  • An analysis by a Coin Metrics data scientist, though, may suggest that Bitcoin and Ethereum are reaching local highs.
  • The analysis found that a metric or a ratio is reaching highs not seen since the February high, prior to the March capitulation crash.

Ethereum Could Be Reaching a Medium-Term High—and Bitcoin Might Be Too

Ethereum’s price action over the past few months has undoubtedly been impressive. Shaking off the crash in March, the asset has gained 80% in the past month alone as the network’s fundamentals have seemingly become bullish.

An analysis by Jon Geenty of Coin Metrics, a blockchain analytics and data firm, though, may suggest that a high is near.

He shared the image below on August 18th. It shows Bitcoin’s macro price action, Ethereum’s price action, and a specific ratio of prices.

According to the ratio, the crypto market is nearing an “inflection point.” Last time this ratio was this high, the crypto market topped in February. The time before that, the price of Bitcoin and Ethereum consolidated for a number of weeks before heading higher. And the time before that was when Bitcoin and Ethereum reached peaks in the 2017-2018 crypto bubble.

“We are entering an interesting period for an indicator looking at new highs less new lows as a percentage of total assets – seeing levels seen only at major inflection points in the past… [This is] still significant as in the past this has signaled both large bullish and bearish moves.”

Chart of BTC's macro price action, ETH's price action, and a specific market ratio calculated by Coin Metrics analyst Jon Geenty.

Should history rhyme, ETH and BTC may soon plunge from their highs, potentially after pushing a bit higher.

Fundamentals Still Favoring Bulls

The fundamentals of the Bitcoin, Ethereum, and crypto markets, though, are still favoring bulls.

On Bitcoin, in particular, analysts have identified a staggering confluence of reasons to be optimistic about BTC’s prospects. Prominent Bitcoin proponent “Vortex” recently shared four of these reasons:

  • Adoption of SegWit has reached an all-time high.
  • The hash rate of the Bitcoin network has reached an all-time high.
  • The percentage of BTC in circulation that hasn’t moved in over a year has reached an all-time high.
  • Google Trends for “Bitcoin” and related keywords are starting to trend higher.

Of course, these aren’t directly reasons to be bullish on Ethereum. But as is the norm, ETH follows the price action of the market leader on a macro basis.

Featured Image from Shutterstock
Price tags: ethusd, ethbtc
Charts from TradingView.com
Last Time This Metric Was This High, Ethereum Reached Its February High





Source link

Related articles

Ethereum DeFi Suffered 76% Decline In TVL This Year

30 December 2022

Over 60% Of Ethereum Blocks Are OFAC Complaint, A Reason To Worry?

27 December 2022
Cryptohopper
ADVERTISEMENT
[crypto-donation-box]
Tags: EthereumFebruaryhighMetricReachedTime
Share76Tweet47
Ledger Nano X - The secure hardware wallet
Previous Post

Chainlink to Provide Data for Farming Insurance Startup Arbol

Next Post

XRP Dips Below $0.30 Following Bitcoin’s Latest Dive, What’s Next? (Ripple Price Analysis)

Related Posts

Ethereum DeFi Suffered 76% Decline In TVL This Year

30 December 2022
0

Data shows the bear market has also hit Ethereum decentralized finance (DeFi) hard, as the total value locked in the...

Over 60% Of Ethereum Blocks Are OFAC Complaint, A Reason To Worry?

27 December 2022
0

When Ethereum finally moved from a Proof of Work (PoW) to a Proof of Stake (PoS) mechanism, it had been...

Ethereum Bearish Signal: Network Demand Remains Low

26 December 2022
0

On-chain data shows the demand on the Ethereum network has continued to drop recently, a sign that could be bearish...

Ethereum Exchange Reserves Declined More Than 30% In 2022

24 December 2022
0

On-chain data shows investors withdrew a large amount of Ethereum during 2022 as the ETH reserves have fallen by more...

Payments Giant Visa Looks To Ethereum For Automatic Payments System

21 December 2022
0

Payments giant Visa has teased a possible integration with the Ethereum network to enable an automatic payments system. Visa has...

Load More
Next Post

XRP Dips Below $0.30 Following Bitcoin's Latest Dive, What's Next? (Ripple Price Analysis)

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Categories

  • Altcoin
  • ApeCoin
  • Bitcoin
  • Blockchain
  • BNB
  • Cardano
  • Cryptocurrency
  • DOGE
  • DOT
  • Ethereum
  • HBAR
  • Litecoin
  • Market
  • Meta News
  • Mining
  • NFT
  • QNT
  • Regulation
  • SHIBA
  • Solano
  • Tether
  • Uncategorized
  • XDC
  • XLM
  • XRP

What’s New Here!

  • XMR, DOT Move Higher, Rebounding From Recent Declines – Market Updates Bitcoin News
  • NFT Tallinn to be the flagship large-scale Web3 event in Northern and Eastern Europe
  • NFTs and Other Trends That Will Shape the Crypto Industry

Newsletter

  • About Us
  • Privacy Policy
  • Contact Us

© 2022 coin24h.com

No Result
View All Result
  • Home
  • Cryptocurrency
    • Bitcoin
    • Ethereum
    • XRP
    • Litecoin
    • Altcoin
    • Cardano
    • Tether
    • DOGE
    • Solano
    • XLM
    • DOT
    • XDC
    • SHIBA
    • BNB
    • Ape
    • HBAR
    • QNT
  • Blockchain
  • Regulation
  • Market
  • Live
    • Prices
    • ICO
  • Meta
    • NFT
  • Technical Analysis
    • XRP
    • BTC
    • XLM
    • ADA
    • TETHER
    • ETC
    • ETH
    • DOGE
    • LTC
  • Exchange
  • Mining

© 2020 coin24h.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoinBitcoin(BTC)$45,716.00-1.31%
  • ethereumEthereum(ETH)$3,456.77-0.85%
  • tetherTether(USDT)$1.000.04%
  • binancecoinBNB(BNB)$439.95-1.61%
  • usd-coinUSD Coin(USDC)$1.00-0.21%
  • SolanaSolana(SOL)$128.84-4.73%
  • rippleXRP(XRP)$0.82-1.94%
  • TerraTerra(LUNA)$111.19-1.25%
  • cardanoCardano(ADA)$1.190.55%
  • AvalancheAvalanche(AVAX)$92.73-3.81%
  • polkadotPolkadot(DOT)$22.10-4.14%
  • dogecoinDogecoin(DOGE)$0.144901-0.44%
  • Binance USDBinance USD(BUSD)$1.000.03%
  • TerraUSDTerraUSD(UST)$1.00-0.03%
  • Shiba InuShiba Inu(SHIB)$0.000026-1.07%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$45,705.00-1.34%
  • CronosCronos(CRO)$0.473031-1.56%
  • matic-networkPolygon(MATIC)$1.63-2.68%
  • Lido Staked EtherLido Staked Ether(STETH)$3,455.57-0.80%
  • NEAR ProtocolNEAR Protocol(NEAR)$15.62-3.50%
  • daiDai(DAI)$1.00-0.09%
  • cosmosCosmos Hub(ATOM)$30.76-3.98%
  • litecoinLitecoin(LTC)$123.39-2.73%
  • chainlinkChainlink(LINK)$17.14-5.68%
  • tronTRON(TRX)$0.069912-3.60%
  • bitcoin-cashBitcoin Cash(BCH)$370.86-0.90%
  • FTX TokenFTX Token(FTT)$49.41-1.74%
  • ethereum-classicEthereum Classic(ETC)$45.69-1.36%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • algorandAlgorand(ALGO)$0.88-4.27%
  • stellarStellar(XLM)$0.231372-0.55%
  • leo-tokenLEO Token(LEO)$5.95-0.02%
  • OKBOKB(OKB)$20.68-0.82%
  • UniswapUniswap(UNI)$11.31-3.17%
  • vechainVeChain(VET)$0.076890-1.96%
  • Axie InfinityAxie Infinity(AXS)$63.07-4.37%
  • HederaHedera(HBAR)$0.235142-4.16%
  • Internet ComputerInternet Computer(ICP)$21.47-0.24%
  • filecoinFilecoin(FIL)$24.44-2.18%
  • ElrondElrond(EGLD)$189.04-2.56%
  • decentralandDecentraland(MANA)$2.61-2.92%
  • The SandboxThe Sandbox(SAND)$3.40-2.47%
  • FantomFantom(FTM)$1.52-3.28%
  • moneroMonero(XMR)$214.53-0.30%
  • wavesWaves(WAVES)$37.59-24.48%
  • theta-tokenTheta Network(THETA)$3.76-6.47%
  • cETHcETH(CETH)$69.26-1.11%
  • tezosTezos(XTZ)$3.80-4.12%
  • ApeCoinApeCoin(APE)$11.60-3.99%
  • The GraphThe Graph(GRT)$0.480061-4.90%