The data shows signs of selling on the part of Ethereum whales, but the exchange’s net outflow is not increasing, indicating stability and the absence of strong selling pressure.
The number of Ethereum wallet addresses holding 100 ETH or more has dropped, reaching a 1-month low. This shows that Ethereum whales are selling their assets. However, the supply of ETH inside and outside of exchanges was unchanged, indicating no major selling pressure. In addition, the outflow of money out of the ETH exchange increased, which is a positive signal.
In the market, Ethereum price has increased by nearly 5% in the past 7 days and increased by 1.8% in the last 24 hours. Data from CryptoQuant shows that the amount of funds deposited on exchanges is decreasing, which is a positive signal. ETH’s Coinbase Premium is also green, indicating buying pressure from US investors on Coinbase. The buy/sell ratio of the receiver also shows that buying sentiment is dominating the derivatives market.
Technical indicators such as the exponential moving average (EMA) and the MACD are bullish in the market, and the relative strength index (RSI) is also posting gains. All these signals increase the likelihood that Ethereum price will continue to rise in the coming days.
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