Despite the fact that we had been having a rather boring week in the crypto market, with a propensity for increased sales, today Bitcoin has been jumping strongly to the upside. Ethereum has followed this behavior, supported by solid fundamentals such as the increasing number of active addresses on its network.
At the moment the rise of BTC is not yet too relevant, since the price is locked in a lateral range. This behavior is caused by a fairly balanced market, where large players take profits while institutional hands continue to enter capital.
Either way, the odds are still on the bullish side. As much as they correct prices, the bulls could quickly surprise us, just as they have been doing since yesterday.
Bitcoin does not correct too much, seems ready to mark a new all-time high in the next few hours
After a correction towards $ 17,572, the bulls have regained control of the intraday trend, and could be driving the price towards $ 20,000 in the near future.
At the time of this writing, the price of Bitcoin is $ 19,290, presenting gains of 4.24% in the last 24 hours.
When we look at the weekly chart we notice a clear uptrend in the medium term, but it has not yet made a healthy enough retracement.
Quietly Bitcoin could look to make a new bullish move in the next few hours. However, a deeper correction seems closer and closer than the ones we have been seeing lately.
At the moment, a volatile bullish jump is most likely in the short term, as long as that resistance zone at the all-time high does not again hamper the bulls’ intentions.
The number of active addresses on Ethereum have increased by 140% in 2020
Ethereum has also been behaving positively in the last 24 hours, jumping 6.84% higher, thus trading at $ 591.96 at time of writing.
A fairly relevant data that shows us the growth in the adoption of a cryptocurrency is the number of active addresses on its network.
In the case of Ethereum, this data has gone from 158,039 in January of the current year, to 379,249 addresses today, which means an increase of 140%.
Vinokourov from the company Bequant ensures that this figure, together with the movement of users from centralized to decentralized exchanges, means a great liquidity opportunity for the token economies that coexist in the Ethereum ecosystem.
ETH price technical analysis
On the weekly Ethereum price chart we see a solid medium-term uptrend, with a small pullback that appears to have just ended.
The immediate barrier is at $ 619.66. If it is broken, which is the most probable, the ground would be clear to $ 794.30.
All our publications are informative in nature, so in no case should they be followed as investment advice.