Ethereum [ETH]: These metrics look bullish – Is a rally around the corner

📆 2/14/2023 11:35 PM
📰 CryptoAmb

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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. Ethereum [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 trading at $1,501.74, […]

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 thatFurthermore, 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.Subscribe to get it daily in your inbox.

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