- Ethereum is skyrocketing to record highs, while Bitcoin’s active addresses remain resilient despite unrealized gains.
- Ethereum and Bitcoin prices fell over the past 48 hours as RSI reflects bearish trends.
Bitcoin [BTC] and Ethereum [ETH] have been on quite a roller coaster ride lately regarding their key indicators. Ethereum staking has skyrocketed to unprecedented levels, while Bitcoin’s active addresses have managed to stay above a certain threshold despite not realizing all of the potential gains.
Read Bitcoin (BTC) Price Prediction 2023-24
Ethereum staking rate reaches ATH
Bitcoin and Ethereum have been telling conflicting stories over the past few months due to their diverse metrics. However, amidst these disparate narratives, a potential bullish trend is subtly hinted at by these metrics.
A recent CryptoQuant report highlighted the rise in Ethereum shares after the Shapella upgrade. New data revealed a consistent upward trajectory in the total value of ETH staked.
At the time of writing, the total value wagered surpassed a remarkable 22.2 million, reaching an all-time high. In addition, the direction of the chart indicated further appreciation on the horizon.
Source: CryptoQuant
In addition, the increase in total value staked has resulted in a corresponding increase in the percentage of actively staked ETH.
At the time of writing, the stacked ETH accounting for more than 17% of Ethereum’s supply, reaching an all-time high. The chart also suggested a growing trend in staking participation and potential for further growth.
In addition, Ethereum’s deflationary process has gained momentum, propelled by a significant rise in burnt fees observed over the past year. These fees, which are permanently withdrawn from circulation, have experienced a significant spike.
Could Bitcoin’s unrealized gains pave the way for a bull run?
Based on data from CryptoQuant, Bitcoin has witnessed an increase in active addresses since the beginning of the year, unlike the previous six months of the previous year.
The chart illustrated a remarkable increase, with more than 1 million active addresses in recent months, or close to that number. At the time of writing, the number of active addresses exceeded 988,000.
In addition, this increase in active addresses coincides with a decrease in net unrealized profit/loss (NUPL). The NUPL chart indicated that investors still held, on average, about 25% of unrealized gains.
This pattern is usually seen at the start of a Bitcoin bull market, indicating the potential for further growth and positive market sentiment.
Source: CryptoQuant
The current price development of Bitcoin and Ethereum
At the time of writing, Ethereum was below the neutral line on the Relative Strength Index (RSI), indicating a bearish trend. In the past 48 hours, the value experienced a decline and is currently trading at around $1,780.
Despite this downward move, ETH managed to stay within the $1,700 price range on the daily timeframe chart.
Source: TradingView
Similarly, Bitcoin has also been in the red on the daily timeframe chart for the past 48 hours. At the time of writing, it was trading around $26,290, with a marginal loss of less than 1%. The RSI for Bitcoin was also below the neutral line, indicating a bearish trend.
Source: TradingView
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Ethereum and Bitcoin bull run on the horizon
Nevertheless, despite the ongoing bearish trend of Bitcoin and Ethereum, there are several positive indicators to consider.
The BTC Net Unrealized Profit/Loss (NUPL), the continued rise in the ETH strike and the deflationary state of Ethereum all point to an imminent bull run. While there could be a further dip in the market, these factors suggest a continued positive trend is ahead.
