- Glassnode reported that ETH hit a 6-month high of $17M in the amount of supply.
- This was the amount last active on 1m-3m metrics (1d MA).
- Meanwhile, ETH’s price is relatively low between $1.3K and $1.4K.
Ethereum (ETH) showed an astronomical rise in the amount of supply last active, reaching a 6-month high of 17,186,333.998 ETH. Glassnode reported this rally based on the 1-day Moving Average (MA).
#Ethereum $ETH Amount of Supply Last Active 1m-3m (1d MA) just reached a 6-month high of 17,186,333.998 ETHView metric:https://t.co/joxSPK0aVl pic.twitter.com/F3RS9dz8H0— glassnode alerts (@glassnodealerts) October 17, 2022
Amount of Supply of ETH- 1m-3m Source: glassnode
From the metrics above, the blue line represents the latest amount of ETH supply, which has reached over 17 million in the past 6 months. At this highest moment, ETH was trading between $1,300 and $1,400. However, it is a well-known fact that the price of a coin sheds when the amount of circulating supply increases. This has happened for ETH as there is a notable difference between 17 million supply and $1,300 on the graph.
Earlier in January 2022, ETH hit the highest amount of supply at nearly $19.5 million. During this period, the coin traded in a tight range of around $2,200. Contrastingly, in April 2022, when the price of ETH was near $3,500, its amount of supply was relatively low at $16.3 million.
Meanwhile, in another on-chain report, glassnode alerts tweeted that, on 7-day MA, the number of transactions for ETH reached a 1-month low of 43,284.917.
#Ethereum $ETH Number of Transactions (7d MA) just reached a 1-month low of 43,284.917View metric:https://t.co/7zNXcnyvZw pic.twitter.com/HpyVwFoyXr— glassnode alerts (@glassnodealerts) October 17, 2022
ETH-USDT 1-Day Trading Chart (Source: TradingView)
However, despite ETH’s price standing low compared to its high amount of supply, the coin signaled a 2.08% hike in the past 24 hours. Currently, ETH trades at $1,309.6. Nevertheless, the coin should look at $1342 as its next challenging level. Also, this level can be considered the nearest resistance zone.
Additionally, if the 50-day EMA line touches the current green candle of the coin, the price could be expected to take another hike or dip. Major coins, including Bitcoin, have signaled green in the past 24 hours, but the weekly performance of the coins has precipitated, specifically due to a red day on October 13.
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