, the largest altcoin in the world, gained a steady northbound movement. Over the last two months, ETH has consistently registered higher lows, suggesting bullishness as the date of the much awaited Ethereum Merge comes closer.
However, in a recent turn of events, several cryptos, including Bitcoin [BTC] and Ethereum, suffered a price decline. At the time of writing, Ethereum was trading at $1,636.11, nearly 10% negative 24-hour growth, with a market capitalization of $199,662,199,532.While the price plunged, several interesting developments happened on ETH’s on-chain metrics. Glassnode’s data indicated that Ethereum’s Exchange Outflow Volume just reached a one-month low of $14,564,884.80.
The Relative Strength Index pointed out that the decline in ETH’s price pushed it in the oversold zone. Therefore, a possibility arises that the price might gain an uptrend, showing new support at the $16,000 mark.Subscribe to get it daily in your inbox.
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