Will Ethereum bulls regain control of ETH with massive exchange outflow?

- Ethereum exchange balances hit four-year lows as ETH outflow continues.
- Ethereum on-chain metrics are leaning in favor of bulls as the number of non-zero addresses hit a new all-time of 93.8 million.
- The total value of Ethereum locked in the ETH2.0 deposit contract hit a record high at 15.7 million ETH.
Ethereum bulls are wrestling bears for control as on-chain metrics favor market participants with a bullish bias. The total volume of Ethereum locked in the ETH2.0 beacon chain hit a record high, fueling a bullish narrative.
Also read: Why the demand for Ethereum is high despite rising gas fees, is it time to buy?
Ethereum held by non-zero addresses hits new all-time high
Ethereum price witnessed a 7% pullback since February 6. The altcoin is now changing hands at $1517.47.
The volume of Ethereum held by non-zero addresses hit a new all-time high at 93.8 million, based on data from crypto intelligence tracker Glassnode.

Non-zero addresses on the Ethereum Network
Glassnode data reveals on-chain metrics that fuel a bullish narrative for Ethereum price. The altcoin’s balance on exchanges hit a four-year low of 18.94 million. A decline in exchange wallet holdings of the second-largest cryptocurrency by market capitalisation signals a reduction in selling pressure on ETH across exchange platforms.
The metric hit a four-year previously on February 11. Since then ETH outflow picked up pace. Interestingly, the total value of ETH tokens staked on the ETH 2.0 deposit contract hit an all-time high, signaling a rise in popularity of “staking” among market participants.
Could Ethereum bulls fuel a recovery in ETH?
Ethereum yielded 7% losses for holders over the past weeks in response to the regulatory crackdown of the US Securities and Exchange Commission on Kraken and “staking-as-a-service” products on exchange platforms.
On-chain metrics like supply on exchanges and number of non-zero ETH addresses climbed significantly, supporting the bullish thesis for the altcoin.
Author

Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.





