Ethereum (ETH)It is trading at $1,200 after problems caused by the FTX collapse. At the time of writing, ETH was trading at $1,282, up 4.3%. Its market value was around $156.9 billion.
According to on-chain data, there are some interesting developments in the network. Ethereum sharks and whales dropped some of their supply last year. But after the FTX crash, there is a trend reversal. As a result, the addresses started to accumulate again.
Addresses holding 100 to 1 million ETH since the FTX month have accumulated 1.36% of the total supply. This increase in strong Ethereum addresses signals a bullish move.
Notable Ethereum Data
Koinfinans.com As we reported, the debate around Ethereum has been on the decline since the Merge event in mid-September 2022. Since late October 2022, the controversy surrounding Ethereum has dropped to the lowest percentage among the top 100 assets. Santiment recorded the following words on the subject.
“The lack of interest since The Merge is an indication that whales can push prices up with little resistance, making it a bullish benchmark.”
Another bullish indicator is the drop in Ethereum supply on exchanges last month. Only 12.1% of the total ETH supply is on exchanges, which represents the lowest level in the last four years.
In the last 13 months, there has been a 75% drop in the supply of Ethereum on exchanges. However, if all these ETHs start coming to the stock market, it will create massive selling pressure.
According to the Santiment report, the lower the ETH supply on exchanges, the higher the prediction of a bottom price. Therefore, we should definitely consider this benchmark as a bullish indicator for Ethereum.
While many Etherem traders opened ‘short positions’ during the FTX crash, this led to a ‘short liquidation’. As a result, its price increased by 17%. Currently funding rates are neutral and it’s hard to tell in which direction the next liquidations will take place.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.