![Ethereum [ETH]: Bears gear up to draw curtains on recent price rally](https://i.headtopics.com/images/2023/1/17/cryptoamb/ethereum-eth-bears-gear-up-to-draw-curtains-on-rec-ethereum-eth-bears-gear-up-to-draw-curtains-on-rec-1615341924654743556.webp)
ETH saw its highest profit transaction ratio since October 2021. On-chain data suggested that a local top has been reached. Currently trading at its pre-FTX level, leading altcoin Ethereum [ETH] logged its highest profit transaction ratio since October 2021 on 16 January, data from Santiment revealed. 💸 Are #crypto markets seeing a top? Traders are […]
Typically, when the ratio of daily on-chain transaction volume in profit is greater than that in loss, it is often interpreted as a sign that a local top has been reached, and that investors were taking profits before the potential start of a price reversal.
ETH’s exchange activity in the past three days confirmed the alt’s holders’ profit-taking activities. According to data from Santiment, since 13 January, the supply of ETH on exchanges grew by 1%., the uptick in ETH’s supply on exchanges in the past four days caused the total number of coins held on exchanges to be pegged at 18.30 million ETH at press time.
Further, the waning demand for ETH in the past few days presented a decline in the alt’s Open Interest. According toSource: CoinglassOn 14 January, ETH saw a severe spike in social mentions, which was its highest value in the past 90 days.High levels of social mentions, particularly during a price rally, can indicate that the hype surrounding a coin has reached its peak.
Most times, these spikes in social mentions coincided with local price highs and are often followed by a period of price stabilization or decline.Subscribe to get it daily in your inbox.
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