Is It Already A Time For A Bullrun Start? Ethereum’s Turbulence Is On The Decline
The Ethereum break above the $200 mark was promising news for investors and traders. The suspension of the price movement last month was a period of increasing strength for the coin. As a result, under the influence of the bulls, Ethereum reached a local peak of $253. But the impulses were not so strong as to keep the token in a given position and Ethereum fell to $225.
What factors indicate the upward movement of the price of Ethereum?
Analyzing technical indicators, Santiment experts concluded that Ethereum reached the peak of its token age. This metric means the number of token movements between users’ wallets over a certain amount of time. The volume of Ethereum, which was used by consumers in transactions, reached a maximum in the last 2 months.
The token age reflects the “degree of interest” in the crypto asset among investors and allows traders to determine which trend will prevail shortly, how much the level of token sale or purchase will be. This metric is also used to calculate sleeping tokens that are not used by their owners and are stored in wallets.
The technical chart of price movement shows that Ethereum has returned to the specified price range of $235 and $246. It should also be noted that the lower levels of support for Ethereum have significantly strengthened. This suggests that, even if the price rolls back, Ethereum has enough strength and potential to quickly restore its market position.
Also today, there is a tendency to increase the number of Ethereum buyers. The inclusion of previously inactive tokens is a positive signal and, as a result, can become a driver for the next price upward jump.
Cryptanalysts are convinced that Ethereum’s turbulence in market behavior is behind us. June 2020 began very positively for Ethereum, so experts give positive predictions about its price movement. If nevertheless, market fluctuations affect Ethereum, it has enough strength not to fall below the price consolidation level set for this week.