Two Strong ETH Trends Suggest The Upcoming Trends Are Bullish

Two strong ETH trends suggest that the upcoming trends are becoming bullish as the altcoin underwent a strong rally over the past few days. In the past week, Ethereum gained more than a 10% rise from the $370 region to $410 as of the time of writing as we are reading more in our latest Ethereum news.

ETH is expected to push higher as the two strong ETH trends are fundamental and suggest a bull trend that is upcoming. Ethereum is expected to move higher in the upcoming days and weeks ahead of the on-chain trends remain bullish. Santiment, the analytics company shared the chart showing that the number of active ETH addresses increased while the miners are not selling:

“There is good news and bad news for #Ethereum’s quest to again surpass the $420 price barrier. The good news is that miners aren’t selling, and there is a big increase in new $ETH addresses being created, and pre-existing addresses have shown an increase in activity. The bad news is that social sentiment is bordering on euphoric territory, and daily active deposits have jumped in a big way.”

eth price — Chart of ETH’s price action over the past few months with an overlay of miner balances. Chart from Santiment

The technicals for the cryptocurrency are in the positive state and one crypto-asset swing and trader shared another chart than the push to $395, as he believes a move towards $490 is becoming likely:

“Nice break above the $395 flat top on $ETH. ETH doesn’t always give throwbacks, so a $395 throwback is certainly possible before higher, but I wouldn’t be on it. Otherwise, this looks good for a run back near the $490 highs.”

eth daily chart — ETH 24-hour chart (Source: coingecko)

Others echoed this sentiment as ETH crossed above the pivotal resistance levels in the $390 and $400 range which is pivotal for the bullish case. ETH holding above this region could result in more gains in the upcoming weeks ahead. Also, as recently reported on the ethereum news, The Ethereum DEX volumes drop as the Defi incentives dry up but it’s not all bad news as the price of ETH increased and the locked value in DeFi hasn’t been greater. The volumes on the ETH-based decentralized exchanges dropped off a cliff this month and the trading volume got down by 41% over the most month according to the data from Dune Analytics.

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