Ethereum: Traders Should Watch This pro-ETH Metric

The crypto bear market seems to prevail, regardless of minor price upticks in a few digital coins. Moreover, the ETH Fear & Greed Index showed Ethereum’s sentiment highlighted fear during this publication.

Nevertheless, the increase in fear comes amid Ethereum’s price drop. Despite the mentioned decline, some leading non-exchange and exchange wallets held ETH worth more than $32 million, according to Santiment’s data. This figure has somewhat doubled from what the addresses held four years ago.

Ethereum: Work in Progress

Watching metrics show holdings of leading exchange wallets increased from about $4M in March this year to September 2022 $9.13 million. Nevertheless, non-exchange addresses saw their holdings decline, though still higher than exchange addresses.

Non-exchange balances stood at around $23.16 million, totaling non-exchange & exchange wallets to $32.29 million during this publication.

ETH’s market cap stood above $160 billion at this publication, representing more than 17% of the entire cryptocurrency. Assessing the developer activity metric also showed Ethereum maintained uptrends on its charts, following a minor drop.

Some Impending Price Moves?

Evaluating the daily chart indicated that ETH’s price action maintained sideways movements lately. Moreover, drawing trend lines suggested that the alt is printing another resistance on its charts. The hurdle stood at the $1.425.6 mark, with Ethereum battling to overcome that mark since September 19.

A closers trend lines assessment indicated that the resistance during this publication served as support until the token flopped the mark. Furthermore, support appeared to form near $1,210.64 during this publication.

The RSI (Relative Strength Index) remained visibly beneath the neutral line. That confirmed a fairly massive bearish trend. Also, the DMI (Directional Movement Index) showed the signal line and –DI beyond 20, authorizing bearishness for the alternative token.

The DMI and RSI on the six-hour chart showed a weakening bearish trend. The 6hr chart also showed the Relative Strength Index crept around the neutral level, whereas the +DI and the signal hovered near 20 on the Directional Movement Index.

Meantime, breaking past the press time resistance could see ETH heading towards the $1,800 previous resistance. Lastly, the present Ethereum circulating supply stands above 120 million.

Trusting the latest calculations would mean the leading addresses account for more than 20K of the overall circulating pool. That means movement by these holders can’t highly affect ETH’s price action.

Leave a comment