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