As ETH traders begin to log losses, on-chain assessments hint at an upcoming price recovery.
ETH’s NRPL posted a negative value of -2166.27 on 6 July for the first time in the last three weeks. At press time, this metric was -2134.
Generally, when an asset’s NRPL goes negative, it often signals a higher probability of future positive price movement. The negative NRPL for ETH suggests that many investors who purchased ETH in the past are currently holding underwater positions. This situation can create buying pressure as these investors seek to recover their losses. Consequently, this phenomenon has historically been associated with potential price growth.
On-chain assessment of the alt’s exchange activity confirmed decreased selling pressure. While ETH grappled with severe price volatility in the last month, its exchange reserves decreased steadily. According to data from , with 15.14 million ETH coins housed within exchanges at press time, the alt’s exchange reserves fell by 4% in the last month.Further, the month so far has seen several ETH long positions being opened across known exchanges. While there was a momentary surge in short-ETH positions on 8 July, traders returned to placing bets in favor of continued price growth, data from Santiment revealed.
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