The price of Ethereum rose 19.6% over the past month, outpacing Bitcoin’s 5.2% gain and leading the top 20 cryptocurrencies. However, on-chain data does not yet confirm that the market has bottomed out.
We analyzed the trend for Ethereum, which saw a significant rise in the final days of July. Its price rose 19.6% over the past month, outperforming Bitcoin, which rose 5.2%. This rapid rise allowed it to lead the group of the top 20 cryptocurrencies.
Market reports remain unclear as to whether we have hit bottom. This is causing the market to move cautiously, as we are not yet entirely sure that this marks the beginning of a new uptrend.
While on-chain indicators do not confirm a bottom, the presence of three bullish signals may suggest that we are on the right track. However, uncertainty remains and could disrupt any investment strategy.
We see investors keeping a close eye on the potential consolidation of Ethereum's price ahead of a possible rise. The key to making informed decisions would be to analyze fundamental indicators, such as money flows and mining share.
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