The heat of falling prices has been felt throughout 2022. Even after the recent rebound, foreign exchange balances have been rising, while the top non-foreign exchange balances continue to decline.
It’s no secret that cryptocurrency prices have fallen sharply in the first half of 2022.
Like other cryptocurrencies, the supply of ETH on exchanges is increasing.According to an analyst firm moodtraders have been actively dumping their holdings to large exchanges during the 2022 downturn.
The Santiment update also noted that the ratio of non-exchange to exchange top addresses closed at a one-year low.
However, there has been a recent shift in sentiment as foreign exchange inflows started to show positive signs.
according to glass node, exchange inflows (7d MA) just hit a 1-month low of 10,187 ETH. The previous low was 10,281 ETH observed on August 2.
Changing market trends also have side effects on other indicators.
another feeling renew Claims that Ethereum’s transaction fees have been “ultra-low.” This comes after a significant price increase since mid-June.
This suggests that despite the price increase, investor confidence in ETH is not very strong. However, before there is a “fair degree of FOMO” in the crowd, the average Ethereum fee is expected to skyrocket.
Another metric that has shown significant change over the past few days is the NVT ratio.according to glass nodethe NVT ratio (7d MA) hit a 1-month high of 2,677.2 on Aug. 3.
This is due to the recent improvement in prices.
The latest turnaround is a welcome boost for the Ethereum community as they head towards a merger in September.
Ether also showed rapid growth in July and continued through August. According to CoinMarketCap, ETH is trading at $1,654 at press time after being pushed up 5.07% over the past day.