• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Bitneni

  • News
  • Bitcoin
  • Ethereum
  • XRP (Ripple)

Ethereum’s Active Supply Reaches Six-month High But the Ethereum Price Continues to Struggle

Ronald Henderson/October 17, 2022News

FacebookTwitterReddit
Ethereum Price
Ethereum may be facing some bearish struggles

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.

Tags:Bitcoin/ Bitcoin Price/ Bitcoin Price Analysis/ News

FacebookTwitterReddit
Henderson

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published.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

Primary Sidebar

bitcoin

Bitcoin (BTC) Faces Significant Resistance After Losing the Support at $20,000, Altcoins Follow

Inflation and Economic Uncertainty Move Argentinians to Embrace Cryptocurrencies

bitcoin

Bitcoin (BTC) Enters Fresh Bull Rally Rising Above the $22,000 Level While Ethereum (ETH) Corrects Lower

Footer

Every Bit of Internet!

  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Copyright © 2023

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT