Moreover, Ethereum supply on exchanges registered a sharp decline, while supply outside of exchanges increased. This further proved that investors were actually accumulating the token.As high accumulation suggests investors’ confidence inThe Money Flow Index shot up considerably, further increasing the chances of a northbound price movement in the coming days.
However, the Relative Strength Index remained in the bears’ favor as it registered a downtick and was heeded below the neutral mark of 50.Though a few market indicators suggested a price uptrend, the metrics told a different story. As per , Ethereum’s exchange reserve was increasing. A rise in exchange reserves means that the token is under selling pressure.Its taker buy/sell ratio was red, suggesting that selling pressure was dominant in the market. However, things in the derivatives market looked bullish., ETH’s open interest has declined over the past few weeks, suggesting that the prevailing price trend might come to an end soon.
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Source: CryptoAmb - 🏆 22. / 68 Read more »