In fact, the same can be demonstrated by ETH’s supply distribution metric.ETH kicked off the week with some sell pressure which mostly came from addresses holding over 1 million coins. However, the same addresses also bought back after the price retested its previous 4-week low.
Addresses holding between 100,000 and 1 million ETH also contributed to the sell pressure up until Tuesday, when the downside levelled out.The observed drop in sell pressure means the bulls will have an easier time regaining control, especially if backed by significant accumulation. This is what whales are banking on. The number of address holding over 1,000 ETH balances have been steadily increasing over the last 4 weeks and are now at a monthly high..
ETH’s price action managed to rally by as much as 9% in the last 2 days. Ergo, the question – Can ETH maintain the ongoing bullish momentum?ETH’s money flow indicator confirmed ETH inflows in the last 2 days, reflecting the observed accumulation in on-chain metrics. Another key observation pertaining to the RSI was that ETH’s retest of the monthly low was a sign of higher relative strength.
However, the slow pace at which the market is recovering might indicate that investors are choosing to lean on the side ofRead the best crypto stories of the day in less than 5 minutes