The latest Santiment report shows Ethereum’s top ten enthusiasts holding their tokens off exchanges increases their holdings by around 6.7% of ETH. The analytic site added that these non-exchange wallets held 23.7 million Ether during this publication.
That represented a massive gap as the top ten on-exchange addresses held around 8.7 million. Remember, the Merge disappointed market players as it didn’t trigger much positivity in ETH’s price action. Nevertheless, non-exchange and exchange holders participate in complacent price movements.
Meanwhile, non-exchange holders seemed to compensate for their actions. Though the mind shift, nothing guarantees extended upsides for Ethereum after the leading alternative token gained 18% within the past seven days. Nevertheless, the latest action ensured buying pressure presence, but its reliability?
Nearly Nothing to Prove
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Santiment commented on the no-exchange reserve, stating that other Ethereum holders could have loosened the volume. While publishing this post, supply outside exchanges stood at 103.65 million. This number represented a brief decline from October 28.
That indicated that the accumulation had less effect on the entire ecosystem. That translated to fewer chances of a colossal buying momentum substantially impacting Ether prices. Moreover, the MVRV Ration indicated that the effect on Ethereum price was nearly irrelevant.
While writing this blog, the Market Value-Realized Value ratio hovered at 11.54%. That comes after the metric dipped from the 15.77% high. That showed that market participants who accumulated massive profits from the latest upsurge prepared to book the gains.
Assessing the exchange outflow showed less pressure from ETH buyers. This index maintained downsides at 43,300, and Ethereum near-term investors may have to forget about double-digit upswings soon.
What’s Next for ETH?
Interestingly, Ethereum seems ready to maintain its latest surge. The 4Hr chart shows the DMI (Directional Movement Index) favoring buyers. The buyer strength at 28.30 outshined the sellers. Furthermore, the ADX (Average Directional Index) supported improves Ethereum price.
The ADX at 31.55 showed massive upside tendencies for the alternative token. Nevertheless, the opposing metrics and indicators mean Ether may see only a minor increment in the near term, though the token maintained surging volumes during this publication. For now, the momentum might favor price upticks.
