Leading crypto analytics firm Santiment says the largest non-exchange Ethereum (ETH) wallets are gobbling up the second-largest digital asset at a record pace.
Santiment say Ethereum wallets are forming “an encouraging pattern.”
The analytics firm notes that the 10 largest non-exchange Ethereum wallets now hold more than 41 million ETH for the first time ever, while the 10 largest exchange wallets now hold just 8 million ETH, a six-month low.
“More and more coins remain in-house.”
ETH is trading at $2,085 at the time of writing and is up 2.26% in the last 24 hours and almost 13% in the last month.
However, not all Ethereum metrics look bullish. Crypto trader Ali Martinez tells his 34,100 Twitter followers on the social media platform X to pay attention to the Tom DeMark (TD) Sequential indicator.
The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the 13 previous bars or candles.
says Martinez,
“The track record of the TD Sequential speaks volumes! Its accuracy in predicting ETH’s price movements on the four-hour chart is remarkable.
Currently, it is issuing a sell signal at a key resistance level. If this signal is true, we may see ETH pull back and head towards $2,000.”
Despite the recent gains, ETH remains more than 57% lower than the all-time high of $4,878 it reached in November 2021.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: DALLE3
