ETH’s NVT Signal Has Reached 1-Month High: Is This Good News?

Another one of the many cryptocurrencies in the red after the weekend is Ethereum (ETH). Data from the crypto market tracking website CoinMarketCap indicates that the leading altcoin is currently trading at $1,182.89 after a 0.41% drop in price over the last 24 hours. The crypto is also still in the red by more than 5% over the last week.

Ethereum / TetherUS 1D (Source: CoinMarketCap)

ETH also weakened against its biggest competitor in the market, Bitcoin (BTC), by about 0.31% over the last day. The altcoin’s 24-hour trading volume, however, is in the green zone at the moment to now stand at $4,028,253,855 after a 10% increase. In terms of market cap, ETH stands at $144,719,247,850.

The on-chain metrics platform known as Glassnode took to Twitter earlier this morning to share some data on ETH. According to the post, ETH’s NVT Signal (7d MA) has just reached a 1-month high of 1,472.933.

ETH NVT signal (Source: Glassnode

An NVT Signal (NVTS) is a derivative of NVT Ratio by Dimitry Kalichkin which provides more emphasis on predictive signaling ahead of price peaks. This could mean that good things are in store for the ETH price in the coming days.

Ethereum moving averages (Source: Moneycontrol)

On the other hand, ETH’s technical indicators are telling an entirely different story at the moment. Most of the altcoin’s moving averages are bearish and so are many of its other technical indicators, according to data from the moneycontrol website. In addition to this, ETH’s moving average crossovers are also bearish.

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