The Ethereum (ETH) network is showing remarkable resilience in terms of long-term confidence. Data from Glassnode suggests that 'Diamond hand' holders control 74% of Ethereum's available supply, the highest rate ever recorded throughout its 8 year history in the market. This is indicative of a heightened long-term confidence in the second-ranked cryptocurrency, which briefly pushed above the $2,000 mark today.
The current dominance of 'Diamond Hand holders' is unlocked by the 155-day Long-Term Holders metric of Glassnode, and the numbers are mirrored in the Bitcoin (BTC) supply as well. An additional indicator of increasing confidence in ETH can be seen in the 8-month high level of new deposits to the network - according to Santiment analysts.
Despite the marked increase in market confidence, the Ethereum (ETH) price is seeing short term profit-taking today, managing to hold above the $1,900 level for now. Bears have been aggressive in their bargain hunting so far, setting a 3% 24 hour decline for the token as of press time. However, analysts remain confident that bullish investors will again overtake the price in the near future.
Nicholas Howard
- 2023-05-06
Ethereum (ETH) Reaches Highest Confidence Levels, Price Sees Profit-Taking
Ethereum is seeing remarkable resilience in terms of long-term market confidence being at its highest rate ever in its eight-year history. Additionally, Keywords: Ethereum, ETH, Bitcoin, BTC, Long-Term Holders, Market Confidence, Supply, Diamond Hand, Profit-Taking
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