A new Glassnod report revealed a historically significant Ethereum level which could mark the start of an overheated phase if it was raped.
Ethereum goes to the price made active
In its latest weekly report, the Glassnode chain analysis company has spoken of certain evaluation models for Ethereum. The models in question are the price made, the market average and the price made active.
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The first of them, the price made, refers to the basis of the average cost or the price of acquiring all the tokens of the cryptocurrency which are currently part of the supply in circulation.
The other two models, the real market market and the price made active, also aim to find the basis of the cost of the network, but both exclude long -term parts. These tokens are likely to be lost due to missing wallet keys, so they are not part of the economic offer. Thus, these models can provide a more precise measurement of the market situation than the price made.
Now here is a table that shows the trend of the three chain pricing models for Ethereum in recent years:
As displayed in the above graph, the price of Ethereum has made the price, the real market market and the price of active investors are located approximately $ 2,100, $ 2,500 and $ 3,000 respectively. This means that the current punctual value of ETH, all models agree that the holders as a whole are in the green.
But now that the asset has escaped above these lines, what could be the next one? “In order to assess the targets to rise from this eth rally, we can turn to the standard strip +1 of the active price of Ethereum,” notes Glassnode.
The indicator type +1 (SD) deviation is that the sales pressure has intensified in the past. The reason for the trend can reside in the fact that the profits of investors become important beyond this border, so that mass sales in the aim of taking advantage may become more likely to take place.
You will find below a graphic that shows where this level for ETH is currently located.
According to the graph, it is visible that the price made by Active Ethereum +1 SD is located at $ 4,500 today. ETH is currently at a distance from the level, but if its recent upward thrust continues, it could end up with the Rettester.
So far, in the current cycle, ETH tested the border once, in March 2024. At the time, cryptocurrency found the rejection there. In the Bull Run 2021, the medal was able to exceed having exceeded it, but in doing so, it launched the unsustainable phase of the Euphoria market.
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“As such, $ 4,500 can be identified as a critical level to watch upwards, especially if the upward trend of Ethereum continues and the speculative foam accumulates further,” explains the analytical society.
Ethn price
At the time of writing this document, Ethereum floats around $ 3,600, up almost 7% in the last seven days.
Dall-E star image, Glassnode.com, tradingView.com graphic
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