Data and analysis indicate a potential appreciation, this Friday (25), for Ethereum ($ETH ). Despite the general caution in the cryptocurrency market, some specific factors suggest a possible upward movement for the digital asset.
On-chain data, such as the increase in activity on the Ethereum network and the growth in the number of active addresses, can be interpreted as signs of higher demand for the cryptocurrency.
Furthermore, trading volume on some exchanges has shown a slight increase, which may precede more significant price movements.
More positive sentiment
Updates in the Ethereum ecosystem may also be contributing to a more positive sentiment. Although the major Pectra update is still to come, smaller developments and strategic partnerships may inject optimism into the market.
Additionally, a report from CoinDesk pointed to an increase in institutional interest in ETH, with a steady inflow into investment products focused on the cryptocurrency.
Bitcoin performance
Another factor to consider is the performance of Bitcoin itself ($BTC ). A stabilization or slight increase in BTC may create a more favorable environment for the appreciation of altcoins like Ethereum.
Analyses from TradingView show some short-term technical indicators for the ETH/USD pair suggesting a possible breakout of resistances, should the buying momentum be maintained.
Sources: CoinDesk, TradingView, on-chain data (Etherscan)
Note:
Invest with caution, using only capital that can be risked. Consult regulated exchanges, such as Mercado Bitcoin, for safe trading.
The information provided in this article is general in nature and should not be interpreted as financial, legal, or professional advice. Invest and make decisions with caution, and consult qualified experts before acting. The cryptocurrency market is highly volatile and involves significant risks.