Latest data and on-chain metrics reveal that Ethereum's buying pressure shows signs of increasing. Most metrics are bullish, but market indicators are bearish.
Moreover, Ethereum’s supply outside of exchanges flipped its supply on exchanges. Supply held by top addresses also increased, suggesting that the whales were buying the token.Upon checking Ethereum’s metrics, a few other bullish signals were also revealed. For instance, over the last week, Ethereum’s funding rate turned green, meaning that it was in demand in the derivatives market.
Positive sentiment around the token also remained relatively high, and its MVRV ratio improved, suggesting a possible price uptick.Though the metrics looked bullish, a look at ETH’s daily chart painted a different picture of what the token’s near-term future might look like. Most of the market indicators remained bearish on the king of altcoins and suggested that its price could go down further.’s Relative Strength Index was resting below the neutral mark of 50.
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