Last week, there was little change in Ethereum's supply both inside and outside the exchange.ETH prices have risen by more than 1
- Last week, there was little change in Ethereum's supply both inside and outside the exchange.
- ETH prices have risen by more than 1.5% in the past 24 hours, indicating a bullish outlook.
After breaking the $1900 mark, Ethereum's [ETH] price once again closed below the region. According to Glassnode's data, one reason behind this may be the sell-off by major players in the encryption industry. Should ETH investors worry about another recent price adjustment?
Ethereum's supply on the exchange has stagnated
According to GlassnodeAlerts' tweet, the number of addresses held by Ethereum with over 100 coins has just reached a monthly low of 46417. On May 30th, a low of 46418 was observed in the first six months. The decrease in this indicator indicates that major players in the encryption field are actually selling their assets.
As whales sell tokens, the likelihood of ETH witnessing increased selling pressure from shrimp and sharks increases significantly. Interestingly, Santiment's data shows that the supply of ETH did not change much last week.
The supply of this token remains stable both on and off the exchange, indicating that it is not facing selling pressure. However, the surge in its foreign exchange outflows is a positive signal.
Ethereum investors are happy
ETH investors had a pleasant week due to the rise in token prices. According to CoinMarketCap, the price of ETH has increased by nearly 5% in the past 7 days. In the past 24 hours alone, its price has increased by 1.8%. As of the time of publication, its transaction price was $1895.18, with a market value exceeding $227 billion.
Can ETH maintain a surge?
Although the upward trend is encouraging, the real question is whether ETH will maintain this trend. CryptoQuant's data shows that compared to the past 7 days, ETH's net deposits on the exchange are lower, which is bullish.
ETH's Coinbase Premium appears green, indicating that US investors have relatively high buying pressure on Coinbase. Another positive indicator is its buy/sell ratio, indicating that buying sentiment dominates the derivatives market.
May further increase
Ethereum's Index Moving Average (EMA) band shows bullish crosses. Its MACD shows a bullish advantage in the market. The relative strength index (RSI) of ETH has also risen, further increasing the possibility of sustained price increases in the coming days.
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