The Ethereum MACD indicator on the 1-day chart showed a bullish divergence. Ethereum exchanges have seen a surge in outflows and open interest, suggesting bullish sentiment.
The crypto fear and greed index soared to 73 after Bitcoin (BTC) rose above $67,000. Despite this bullish bias, Ethereum (ETH) has yet to register a significant rally.
The largest altcoin was trading at $2,604 at press time, after falling just 0.4% in 24 hours.
Ethereum is showing a bullish divergence on the daily chart. The moving average convergence divergence has turned positive.
Additionally, the MACD histogram bar turns green and increases in size, indicating increasing bullish sentiment.
Source: TradingView
However, Chaikin Money Flow (CMF) showed a negative value, indicating that more capital was flowing from ETH than altcoins.
This indicates that buyers are still unconvinced and may be waiting for ETH to break through the key resistance level at $2,687 before entering the market.
If the bullish divergence indicated by the MACD unfolds, ETH will break through this resistance level and set its next target at $2,900. On-chain metrics show that this upside potential is high.
Ethereum exchange outflow reaches highest in two weeks
Ethereum outflows from exchanges surged to a two-week high on October 15, as traders withdrew their tokens from exchanges and showed no intention of selling them.
During the day, ETH outflows reached 589,611 cases, with a value of more than $1.5 billion.
Source: CryptoQuant
As a result, total Ethereum net flows reached their highest level since late September, suggesting that selling pressure on ETH could ease and pave the way for a price recovery.
Rise in open interest
Ethereum’s open interest can also influence price movements. At the time of writing, Ethereum’s OI has reached $12.76 billion, indicating increased market participation and interest from derivatives traders.
Source: Coinglass
The sudden increase in open interest in the absence of large price movements indicated that speculative activity against ETH was increasing.
If traders start closing positions when the price moves significantly in either direction, this can result in higher volatility.
Active addresses are showing bullish signs
The number of active addresses on Ethereum reached 349,507 on October 15th, the highest level in the last month. This spike is bullish as it could indicate growing demand for ETH and increased network activity.
Source: CryptoQuant
The growth in these addresses coincided with an increase in profitability.
Read Ethereum (ETH) price prediction for 2024-2025
Data from IntoTheBlock shows that following recent price increases, daily active addresses making a profit reached 30%, the highest level in the past month.
At the same time, daily active Ethereum address losses decreased to 13%.
Source: Into the Block
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