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.
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