Although Ethereum’s exchange outflow and inflow reached a five-year and seven-year low, other metrics displayed that ETH could witness bearish price action only in the near future.
Though the overall market remained dormant, a look at ETH’s metrics suggested that investors might have already started accumulating. The token’s supply on exchanges dropped over the last month, while its supply outside of exchanges increased. Moreover, ETH’s supply held by top addresses also shot up, reflecting whales’ confidence in the token.
Considering that ETH has become comfortable under $1,900, investors might as well think about increasing their accumulation ahead of a bull run to enjoy profits. This was because the chances of ETH continuing its sluggish price action seemed likely but only in the short term.Additionally, Coinglass’ data revealed that ETH’s open interest was relatively high. Moreover, its funding rate was also green.at its current price. This increases the chances of a continued price trend.
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