Owner ETH is working in its own way to help Ethereum keep the green color

When the market turned red for the day, ETH remained in the green. In fact, the upward movement of ETH is quite limited compared to many other altcoins, which suggests a non-systematic upward trend. This could be one of the reasons why ETH holders are currently going their own way.

KEEP ETH!

According to on-chain data, 3- to 6-month ETH volumes are in negative territory, while 6- to 12-month supply is currently hitting a 5-year high.

Deliver ETH medium term | Source: Glassnode

In addition, deliveries increase from 1 to 3 months and 1 to 2 months. This is a sign that investors are continuously HODL during this bull run.

Deliver ETH 1 – 3 months | Source: Glassnode

As a result, some older coins (2-5 years) will mature and result in an increase in the 5-7 year pool. This portion of the offering is currently around 8.92 million ETH, valued at more than $ 41.8 billion.

Deliver ETH long term | Source: Glassnode

This HODL trend is mainly due to the previous price movement at ETH in October and November. The largest altcoin is one of the few on the market that has seen steady growth. The 69% higher price not only created a new ATH 3 days ago, it also brought ETH over $ 4,500.

ETH price chart 4 hours | Source: TradingView

However, as investors continue to operate HODL, network upgrades are also taking ETH to new heights.

The upcoming Arrow Glacier update in December will implement the Ethereum Improvement Protocol (EIP) 4345, which will again delay the difficulty bomb to 10.7 million blocks and is expected to take place in June 2022.

The developers state that the very important reason for this decision is the upgrade The Merge, which the developers plan to roll out before next summer.

Initially, difficulty bombs were introduced to ease the transition to PoS. Over time, it has the added function of forcing ETH users to update nodes. In essence, what this means is that sticking to the old chain is not an ideal choice.

If investors continue to stick with HODL because of the upgrade, an uptrend is inevitable.

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