3 On-Chain Metrics for ETH Recently Reached New Milestones

  • The decrease in the amount of ETH exchange inflow suggests that traders have slowly stopped selling ETH.
  • At press time, the altcoin leader’s price stood at $1,809.94 after a slight 0.57% gain.

Several on-chain milestones for Ethereum (ETH) were recorded in the past 24 hours according to glassnode alerts. In a series of tweets, the blockchain analytics firm shared 3 key on-chain milestones for the Ethereum network which were recently reached.

In its first tweet, glassnode alerts shared that ETH’s amount of supply last active 1w-1m (1d MA) just reached a 3-month low. According to the post, the total stood at $6,286,324.517 ETH. This is a notable decrease from the previous 3-month low of 6,287,315.302 ETH, which was observed on 13 May 2023.

Shortly after its first tweet, glassnode alerts published a second which showed that the number of ETH addresses in loss (7d MA) recently reached a 1-month high of 33,949,357.214. This post added that the previous 1-month high of 33,921,082.321 was observed on 13 May 2023.

Lastly, glassnode alerts tweeted that the exchange inflow (7d MA) for ETH dropped to a 1-month low of $17,212,337.35. Furthermore, the previous 1-month low of $17,237,870.52 was observed on 14 April 2023. This decrease may be a bullish sign that investors and traders have slowly stopped selling their ETH holdings over the past 2 months.

At press time, CoinMarketCap indicated that ETH’s price stood at $1,809.94. This is after it printed a 0.57% gain over the previous 24 hours. Despite the recent positive price movement, ETH’s weekly performance remains in the red at -5.08%. ETH was also able to strengthen by 0.08% against the market leader Bitcoin (BTC) during this period.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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