Bullish signs for BTC and ETH; ENS domain sales surge

On Thursday, BTC achieved a two-day winning streak. However, the small gain of 0.76% over the past 24 hours seems more like a temporary upside correction. At the time of writing, the largest cryptocurrency by market cap is still consolidating above the $39,500 mark, awaiting multiple hurdles in the $40,200-$40,700 range. A clean break above the aforementioned resistance zone could lead to further gains for BTC. Conversely, if the current recovery momentum loses steam, BTC could also retrace and test the $39,000 support.

While BTC is currently range-bound, the on-chain short-to-long-term cost-to-basis ratio chart shows some signs of long-term bullishness for BTC. The cost-to-base ratio between short- and long-term holders is currently at 3.42, on the verge of a breakout of the medium-term accumulation zone of 2.5 to 3.5.

Similar to BTC, ETH is now holding steady above $2,900 after gaining 1.8% in 24 hours. The good news about Merge and “ultrasound money” has made the bullish ETH narrative quite marketable, and this is somewhat corroborated by the amount of ETH currently deposited and locked on the Beacon chain, as this value has now risen to the total ETH circulating 10% of the supply. This could help ETH decouple from BTC in the medium to long term and further push its price higher. Meanwhile, most altcoins are still largely in the red, but many of them have suffered losses of no more than 4% on average over the past 24 hours.

Sales of ethereum domains on OpenSea have grown more than 20-fold over the past week as users scrambled to snap up some of the sought-after ENS domains. This surge in sales comes as many web3 proponents now see ENS domains as the future of decentralized and uncensorable websites. In the past week alone, ENS has seen a 119% increase in domain name registrations, while the total number of active domains has also increased by 7% in just a few days.

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