Is Ethereum’s price under pressure? A look at on-chain data suggests…
What does a drop in ETH supply on exchanges indicate?
A drop in ETH supply on exchanges indicates a reduction in the potential selling pressure, as holders seem to be comfortable locking their assets for safekeeping. This decline lowers the risk of a sell-off and could potentially lead to a bull run if buying pressure increases.
Why has the number of Ethereum addresses been decreasing?
The number of Ethereum addresses has been decreasing due to a 15.45% drop in active addresses and a 6.50% decline in new addresses over the last seven days. This decline in network activity could be attributed to various factors, such as investors holding onto their assets for the long term or reduced engagement due to market conditions. The decrease in addresses might affect the demand for Ethereum and potentially impact its price.
How have Ethereum's active and new addresses changed recently?
Ethereum's active and new addresses have recently experienced a decline. Active addresses fell by 15.45% in the last seven days, while new addresses dropped by 6.50%. This decrease in network activity could potentially affect the demand and price of Ether (ETH).