Ethereum (ETH) is trading approximately 11% below its local highs at around $2,730, with investors optimistic about a price surge supported by on-chain data. Glassnode metrics indicate a reduction in Ethereum inflows into exchanges, suggesting investors are holding their assets, hinting at increased accumulation and possible bullish breakout.
As the crypto market evolves, Ethereum investors anticipate a bullish reclaim that could propel prices higher. The observed decrease in exchange inflows may signal traders positioning for upward movement, indicating a proactive holding strategy during this critical phase.
The Ethereum Exchanges’ Net Position Change has shown a downward trend, signaling reduced selling pressure. Lower inflows suggest decreased selling activity, reflecting improved market sentiment and potentially setting up ETH for a rebound.
Ethereum faces critical supply level testing, with prices at $2,448 after rejection at crucial moving averages. Successfully reclaiming these levels could signify a bullish reversal, positioning Ethereum for a surge toward the $2,700 resistance area. Traders will closely monitor these levels to gauge potential upward momentum.
