The Ethereum price has been struggling against the USD over the last few weeks since the Ethereum 2.0 upgrade. While most of the on-chain data shows that the Ethereum ecosystem is in a good place, the price isn’t impressive to short-term investors. Last week, on-chain data from Glassnode revealed that the Ethereum active supply reached a six-month high of $17 million. What does this mean for Ethereum and why is the cryptocurrency unresponsive?
Ethereum Supply At Six-month High
According to the report from Glassnode, the total active supply of Ethereum was 17,186,333.998 ETH. Note that the active supply of Ethereum is different from the circulating supply. It refers to the number of ETH tokens that are transacted at a given time. This means that 17,186,333.998 ETH were actively available for trade this weekend, but the token didn’t gather any significant momentum.
At the time of writing, the Ethereum price was $1,319.32. The token was up by 2.86% against the USD over the last hour. Within a 24 hour period, the Ethereum price has reached a $1,321.41 high and a $1,281.29 low. While it is significantly higher compared to this time last week, it still hasn’t been able to break the resistance at $1,350 that is required to shoot as high as $1,400.
Some analysts believe that the drop in the bearish performance and lack of volatility of the Ethereum price is just temporary and does not represent the long-term success or failure of ETH. The technical indicators are bullish long-term, but the Ethereum price must rise above key resistance levels if it is to break the current trend.
Another factor that may influence the Ethereum price is the Bitcoin price. Bitcoin has also been experiencing a lack of volatility over the last few weeks. At the time of writing, the price of Bitcoin was $19,486.86. The leading cryptocurrency was up by 1.80% against the USD, trading in the $19,118.19 to $19,488.06 range within 24 hours.