- Ethereum led the market at press time, as it remained the largest L1 in terms of TVL and fees.
- ETH’s on-chain performance looked bullish.
עטהערעום [ETH] registered massive gains during this year’s bull market. However, since peaking on 7 February, ETH’s price dropped by 13%. At the time of writing, it was טריידינג ביי $ 1,501.74, מיט אַ מאַרק קאַפּיטאַליזיישאַן פון מער ווי $ 183 ביליאָן.
לייענען עטהערעום ס [ETH] פּרייז פּראָגנאָז 2023-24
Interestingly, not everything looked bad for Ethereum, as Santiment’s data revealed that despite the price decline, the amount of available ETH sitting on exchanges continued to fall, which looked bullish. To be more specific, there have been 37% fewer coins in terms of dollar valuation on exchanges since the merge.
📉 # עטהערעום has dropped -13% since peaking at $1,688 back on February 7th. However, the good news is that the amount of available $ עטה sitting on exchanges (and available to sell) continues to fall. Since the # מערדזש, there are 37% less coins on exchanges. https://t.co/HOnHO6iLpJ pic.twitter.com/YpReloS8iT
- סאַנטימענט (@antimentfeed) 13 פעברואר 2023
ETH still the market leading in this aspect
Ethereum continued to dominate the market at press time, as it remained the largest L1 in terms of TVL and fees. With nearly $28 billion in TVL, ETH’s TVL was 5.6 times higher than that of the next largest L1, which was בינאַנסע [BNB].
Ethereum still the largest L1 by TVL and fees
– At ~$28B TVL, ETH is 5.6x that of the next largest L1 in BNB
– At $3.4m daily fees, ETH is almost 3x that of BNBNote that ETH is #3 in active address (behind BNB and BTC) and #5 in transactions. pic.twitter.com/xGOND2Ow9a
— אַרטעמיס 🏹 (@Artemis__xyz) 13 פעברואר 2023
Ethereum’s performance on the social front also looked promising. LunarCrush’s דאַטע revealed that Ethereum’s social mentions and social dominance recently hit three-month highs. All these updates looked favorable for עטהערעום. Therefore, let’s have a look at the king of altcoins’ on-chain metrics to find out whether a new bull rally is around the corner.
Is ETH getting ready for a bull run?
לויט CryptoQuant's דאַטע, Ethereum’s exchange reserve was decreasing, which was a bullish signal as it indicated less selling pressure. Yet another positive signal was that Ethereum’s total number of transactions was on the rise. As per Glassnode, עטה’s open interest in perpetual future contracts reached a three-month high of $296,148,748 on Deribit.
📈 # עטהערעום $ עטה אָפֿן אינטערעס אין פּערפּעטשאַל פיוטשערז קאַנטראַקץ פּונקט ריטשט אַ 3-חודש הויך פון $ 296,148,748 אויף #דערביט
זען מעטריק:https://t.co/5MhXAkWLAZ pic.twitter.com/HDQV1d9gcA
- גלאַסנאָדע אַלערץ (@glassnodealerts) 14 פעברואר 2023
רעאַליסטיש אָדער נישט, דאָ ס ETH מאַרק היטל אין טערמינען פון BTC
This was good news, as it reflected higher demand for ETH in the derivatives market. The same was further proven by the taker buy/sell ratio, which revealed that buying sentiment was dominant in the derivatives market. Santiment’s chart revealed that עטה’s network growth remained high throughout the week.
Furthermore, ETH’s exchange outflow spiked twice in the last few days, which was bullish. However, ETH’s MVRV Ratio was down considerably, which might restrict ETH from initiating a bull run in the coming days.
Source: https://ambcrypto.com/ethereum-eth-these-metrics-look-bullish-is-a-rally-around-the-corner/