Key insights from Ethereum’s performance in current bull cycle

• 
  Ethereum’s
  price
  has
  followed
  a
  divergent
  pattern
  in
  the
  first
  365
  days
  after
  a
  Bitcoin
  halving
  event.
• 
  Over
  90%
  of
  ETH’s
  supply
  has
  been
  in
  profit
  since
  January.
• 
  Ethereum
  investors
  are
  slowly
  displaying
  confidence
  again
  with
  ETH
  ETFs
  on
  horizon.

Ethereum
is
up
0.3%
on
Friday
as
key
insights
from
Glassnode
reveal
ETH’s
next
potential
move
as
the
current
bull
cycle
matures.

Daily
digest
market
movers:
How
ETH
has
performed
so
far
in
current
cycle

Despite
earlier
predictions
that
the
agency
would
likely
approve
issuers’
spot
ETH
ETF
S-1
registration
statements,
the
Securities
&
Exchange
Commission
(SEC)
has
remained
silent.
While
the
SEC
remains
mum,
key
on-chain
data
provide
insight
into
key
historical
price
moves
in
Ethereum
and
how
they
may
affect
the
current
cycle:

ETH
technical
analysis:
ETH
investors
are
slowly
gaining
confidence
again

Ethereum
is
trading
around
$3,135
on
Friday,
up
by
a
mere
0.3%
on
the
day.
After
posting
a
bearish
exhaustion
candle,
ETH
briefly
declined
to
$3,060,
sparking
over
$40
million
in
liquidations
in
the
past
24
hours.
Long
and
short
liquidations
accounted
for
81%
and
19%
of
total
liquidations,
respectively.

The
move
saw
ETH’s
total
liquidations
flipping
that
of

Bitcoin
despite
its
relatively
lower
market
cap.
This
could
prime
ETH
to
begin
a
fresh
move
toward
the
upside.

ETH
options
Open
Interest
(OI)
declined
to
$5.16
billion
on
Monday,
its
lowest
level
in
the
past
year.
The
move
signified
heightened
uncertainty
among
traders
as
ETH’s
price
retraced
below
$3,000.

However,
following
a
slowdown
in
the
bearish
pressure
and
a
slight
rebound
in
ETH’s
price,
ETH
options
OI
has
begun
climbing
up
again,
nearing
the
$6
billion
mark
on
Friday.
The
price
recovery
and
rising
OI
indicate
traders
are
slowly
gaining
confidence
in
ETH
again.

This
is
also
evident
in
ETH’s
Long/Short
Ratio,
which
has
risen
to
1.04
in
the
past
few
hours.

With
the
potential
launch
of
Ethereum
ETFs
on
the
horizon
and
BTC
seeing
heavy
selling
pressure
from
miners,
the
German
Government,
and
Mt.
Gox
repayment,
investors
may
reallocate
capital
into
ETH.
However,
the
SEC’s
delay
to
greenlight
issuers
ETH
ETF
S-1
drafts
may
hamper
a
good
price
increase.

As
a
result,
ETH
will
likely
follow
a
horizontal
trend
within
the
$2,852
to
$3,300
range
but
slightly
tilted
toward
the
upside
until
the
SEC
moves
on
ETH
ETFs.

ETH/USDT
8-hour
chart

According
to
Coinglass
data,
ETH
may
drop
to
around
$3,041
in
the
short
term,
where
there
is
a

liquidity
wall
of
$35.57
million,
before
rebounding.