Glassnode Alerts, an on-chain monitoring platform, announced in a tweet today that the realized cap for Ethereum (ETH) had reached an 8-month high. According to the report, the cryptocurrency leader’s total market capitalization has hit $181,606,579,492.76.
Meanwhile, at press time, ETH’s value was attempting to challenge a large value level. If ETH is able to close today’s daily candle over $1,850, it could continue to advance to $1,980 during the next two weeks. This bullish thesis may be confirmed if the cryptocurrency’s value breaks and closes a daily candle above the 20-day EMA line at about $1,854.62.
However, if the altcoin’s price falls below the 9-day EMA line at about $1,848.76 in the next 48 hours, it will most likely pull back to test the positive development line on its chart between $1,829.35 and $1,840. If ETH breaks below this barrier, it will be vulnerable to a drop to $1,690 in the next weeks.
Traders and merchants should keep an eye on the 9 EMA line and the 20 EMA line on ETH’s daily chart in the coming days. At the time of publication, the shorter EMA was bearishly below the 20 EMA line, indicating that short-term momentum was in favor of selling.
