Ethereum addresses fall to 8-month lows, but all’s not lost

categories have been contributing to sell pressure. We found that addresses holding at least 1,000 ETH and those above the 10,000 ETH have been trimming their balances.We also found something interesting. Retail buyers holding at least 0.01 ETH have increased their balances overall. This is during the same period that whales have been selling off some of their ETH.One in the chamber?

We looked into the supply distribution which collaborates with the Glassnode address activity analysis above. However, we observed that addresses holding over 10 million ETH have been growing during the month.Source: Santiment It was unclear whether the aforementioned address category represented private addresses or exchange addresses. Aside from that, addresses holding between 1,000 and 100,000 ETH shifted in favor of accumulation in the last 24 hours.

Also, investor confidence remained favorable for the bulls, judging by the steady rise in weighted sentiment.ETH’s MVRV ratio has also been steadily rising during the last four months and was at its highest level during the same period. The above information coincided with the latest price action.ETH’s bearish assault slowed down in the last three days, but the press time momentum was not yet strong enough for a substantial bounce back.

ETH exchanged hands at $1894 at press time. It was, at press time, showing signs of a potential bounce back at the RSI mid-point. Moreover, the MFI has already indicated that there has been

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