|

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. 

Ethereum non-zero addresses

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

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.

More from Ekta Mourya
Share:

Editor's Picks

CLARITY Act approval odds sink fast ahead of Congressional hearing

The US House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence (AI) is holding a hearing titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation” on Friday.

Crypto Today: Bitcoin, Ethereum, XRP give back gains as tit-for-tat US-Iran strikes persist

Bitcoin has corrected by more than 1% on the day, trading below $63,000. This is part of a larger retracement from its weekly high of $65,600. Ethereum and Ripple similarly reflect overall pressure, with ETH falling toward the short-term $1,800 support and XRP hovering below the pivotal $1.10 level.

Dogecoin nears yearly low as bearish bias grows

Dogecoin extends its decline on Friday, trading near its yearly low at $0.069 as bearish sentiment continues to weigh on the meme coin. Weakening derivatives metrics and a deteriorating technical outlook suggest a deeper correction if DOGE slips below $0.069.

Pi Network Price Forecast: Mild recovery in PI marks early signs of trend reversal

Pi Network (PI) shows a mild recovery on Friday, following three consecutive days of consolidation, as selling pressure eases after a steep decline earlier this month. Speculative demand for a potential rebound in PI is on the rise as its Open Interest remains elevated.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.