Glassnode: Plenti ETH First-Time and Momentum Buyers Don Increase
For August 9, on-chain analytics company Glassnode talk say ETH new buyers and momentum traders don plenty over the past few days. Di data show say new people plus those wey dey hold before, dem dey push up their cost basis to enter market again, dis one cause fresh demand for ETH. Spike for new ETH buyers show say confidence dey for Ethereum price path, meanwhile momentum buyers don take advantage of recent price movements. These on-chain signs fit mean say Ethereum get potential strong upward movement as market players dey increase their exposure.
Bullish
Glassnode don observe say ETH first-time buyers plus momentum traders dey increase and dis kine thing don dey show for past say price of Ethereum go dey rise. When new buyers dem join market, e dey boost liquidity wella and e dey make market sentiment better, meanwhile momentum buying mean traders dey follow price strength to make money. For short term, dis kind influx fit push price higher as demand go pass supply. For long term, if both new and old holders continue dey engag, e fit make Ethereum valuation base strong, wey mean say price fit go up still.