Ethereum’s latest buy signal – Are ETH whales buying yet?

was no different. In fact, while the token’s price moved up, a buy signal flashed on ETH’s price chart, hinting at a further price uptick in the coming days.ETH recorded a massive price correction last week as its price fell to $2.86k. However, the bulls stepped in and pushed the token’s price up by more than 3.5% in the last 24 hours. At press time, it was trading at $3,007.64 with a market capitalization of over $361 billion.

AMBCrypt0 then checked ETH’s metrics to find out whether investors actually used the opportunity to accumulate more ETH. Our look at CryptoQuant’s data revealed that ETH’s exchange reserves rose sharply over the last few days, indicating selling pressure.To check whether investors sold ETH, AMBCrypto then analyzed Santiment’s data. We found that ETH’s supply on exchanges rose over the past week.

As per our analysis, ETH’s Network To Value ratio registered a decline over the past week. A drop in this metric means that an asset is undervalued, indicating that the chances of a price hike are high.The token’s MVRV ratio improved sharply over the last few days too, which can be inferred as a bullish signal.

Source: News Formal (newsformal.com)

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