Is Ethereum Staging a Short-Term Rally - Price Analysis.
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2022-06-03 | Selina Mathew
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ETH/USD 1 DAY PRICE CHART - COINMARKETCAP.COM
On crypto exchanges, the Ethereum (ETH) supply-demand ratio has broken a long-term decline and is increasing. Since the end of April, about 1% of all ETH supply has returned to trading platforms.
According to blockchain data startup Santiment, $2.21 billion worth of Ethereum was transferred back to exchanges in the last week alone. Since the crypto market crisis in May of last year, this is the largest consistent increase in ETH inflows to exchanges.
Meanwhile, Ethereum exchange inflows have been trending in the opposite direction for the previous few years. Since August 2020, the number of ETHs departing exchanges has increased.
Indicates a Bearish Attitude
The amount of coins sent to exchange wallets during a specific period is represented by exchange inflows. The metric has long been utilised as a trend indicator in the cryptocurrency market.
When the price of a coin falls, exchange inflows typically increase, signalling a pessimistic feeling toward that asset.
Since March, when the broader cryptocurrency market underwent a correction, the price of Ethereum has been on a downward trajectory. Since then, the second-largest cryptocurrency by market capitalization has lost over half of its value.
The past month has not been kind to ETH, with the coin falling from $2.937 to $1.740 as a result of macroeconomic uncertainty and the collapse of Terra
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