Crypto Industry News:
More than half of all Ethereum in circulation has not been transferred between addresses for over a year. In the last 12 months, only 39.6% of all ETH coins changed hands.
According to Glassnode's hodlwaves, which provides a chronological breakdown of the transaction speed along the chain, approximately 28% of Ethereum has moved between the last 12 and 24 months. This is the largest business segment in the chain.
The data suggests that many whales in 2019 focused on accumulation of ETH, due to the ETH 2.0 project fast approaching. Phase 0 of Ethereum 2.0 is set to begin in the coming months and will allow users to stack ETH for the first time.
About 20% of the tokens have not made any moves since before October 2017. Analysts are monitoring whether some of these coins will be staked with the introduction of phase 0.
The impending launch of Phase 0 appears to have started the recent increase in the short-term speed of transfers in the chain. The 24-hour share of the Ethereum network increased from less than 0.5% in January and February to an average of over 1% in early September.
The weekly speed also increased from 1.5% at the beginning of the year to 5% in both July and September. A similar steady increase since June, also recorded monthly and quarterly transfers.
Technical Market Outlook:
The ETH/USD pair has made a new local low at the level of $363.41 as the bearish pressure intensify. The makret keep moving below the short-term trend line resistance with negative and weak momentum. The target for bears is seen at the level of $360.60 and $355.60. On the other hand, the target for bulls is still seen at the level of $400 and due to the strong and positive momentum they might hit this level soon. The nearest technical resistance is seen at the level of $389.90 and at the swing top at $394.95.
Weekly Pivot Points:
WR3 - $440.56
WR2 - $409.44
WR1 - $39440
Weekly Pivot - $363.37
WS1 - $349.03
WS2 - $317.19
WS3 - $302.61
The weekly and monthly time frame trend on the ETH/USD pair remains up and there are no signs of trend reversal, so buy orders are preferred in the mid-term. Moreover, bulls had bounced from the weekly trend line support last week and now are away from it. The key mid-term technical support is currently seen at the level of $305.20 - $321.95, so all the dynamic corrections are still being used to buy the dips. The next mid-term target for bulls is seen at the level of $500.
The material has been provided by InstaForex Company - www.instaforex.com