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Are Ethereum whales signaling a buy?

  • The Latest Update on Ethereum’s Exchange Reserves
  • Potential Signs of ETH Continuing its Positive Trend

Exciting news in the crypto world! The past 36 hours have seen a surge in optimism, with many cryptocurrencies showing green on their charts. One standout performer has been Ethereum [ETH]. As its price increased, a promising buy signal was detected on ETH’s price chart, indicating further growth ahead.

What’s Happening with Ethereum?

Recent data from CMC revealed that ETH experienced a notable price correction last week, dropping to $2.86k. However, the bulls swiftly intervened, pushing the price up by over 3.5% in the last day alone. At the latest update, ETH was trading at $3,007.64, with a market cap exceeding $361 billion.

Notably, popular crypto analyst Ali shared on Twitter that a buy signal had emerged on ETH’s chart, suggesting a potential one to four candlestick rebound.

AMBCrypt0 delved into ETH’s metrics and found a significant uptick in exchange reserves, indicating heightened selling pressure in recent days.

Ethereum's exchange reserve increased

Source: CryptoQuant

Further analysis using Santiment’s data showed an increase in ETH supply on exchanges over the past week, suggesting active selling by investors.

Whales holding Ethereum remained relatively stable, hinting at a wait-and-see approach, potentially in anticipation of market conditions.

What Lies Ahead for Ethereum?

Exploring Glassnode’s insights, it was found that ETH’s Network To Value ratio dropped recently, indicating undervaluation and hinting at a potential price surge.

ETH's NVT ratio droppedETH's NVT ratio dropped

Source: Glassnode

Noteworthy improvements were seen in ETH’s MVRV ratio, indicating positive momentum. Current figures show a -0.68% ratio, alongside a bullish shift in market sentiment.

Source: Santiment


Check Out Ethereum (ETH) Price Prediction 2024-25


Recent analysis indicated a bullish crossover in ETH’s MACD, suggesting a potential prolonged upward trend. However, some indicators like RSI and MFI displayed downward movements, indicating caution.

Source: TradingView

Next: Bitcoin price hikes by +5% after softer-than-expected U.S CPI report

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