Ethereum on-chain and technical indicators show a long-term bullish argument for ETH price in the near to medium terms. Here are the most important points to consider:
1. Growing network activity: Ethereum’s on-chain activity has been steadily increasing, with more transactions being processed on the network than ever before. This is a positive sign for the long-term health of the network, as it indicates that more people are using Ethereum for various purposes, such as decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and more.
2. Decreasing supply on exchanges: Another bullish indicator for ETH price is the decreasing supply of Ethereum on exchanges. This means that more people are holding onto their ETH rather than selling it, which can lead to a supply shortage and drive up the price. Additionally, this trend suggests that investors have a long-term bullish outlook on Ethereum and are not looking to sell anytime soon.
3. Technical indicators: Several technical indicators also support a bullish argument for ETH price in the near to medium terms. For example, the Moving Average Convergence Divergence (MACD) indicator has recently crossed into bullish territory, indicating that momentum is shifting in favor of buyers. Additionally, the Relative Strength Index (RSI) is currently in a neutral zone, suggesting that there is room for further upside potential.
In summary, Ethereum on-chain and technical indicators show a long-term bullish argument for ETH price in the near to medium terms. As more people use Ethereum for various purposes and hold onto their ETH, the supply shortage could drive up the price even further. Additionally, technical indicators suggest that momentum is shifting in favor of buyers, which could lead to further price appreciation.