Ethereum (ETH) price could be poised for a further correction in the short-term as the altcoin’s supply on exchanges, an indicator that provides clues over the selling pressure on an asset, has hit a one-year peak on Monday, according to on-chain data.
Ethereum price crumbles as Ether supply on exchanges climbs to one-year high Ethereum price could be poised for a further correction in the short-term as the altcoin’s supply on exchanges, an indicator that provides clues over the selling pressure on an asset, has hit a one-year peak on Monday, according to on-chain data. Despite trading in a narrow range recently, the value of the second-largest cryptocurrency remains nearly 16% below its March 12 peak of $4,093.92.
While these ETFs have boosted the crypto market ahead of the upcoming bitcoin halving, a new report from Glassnode suggests that traders must adjust their strategies and exercise caution because the usual pattern during halving events, based on price rallies afterwards, may not hold this time. The crypto market comes to life The crypto market cap rose 4.5% over 24 hours to $2.56 trillion, roughly where it was a week ago, with an active rally over the last three days. Bitcoin is up 4.
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