ETH - Quick check
Assets covered: ETH
Metrics used: Price, Volume, Supply on Exchanges, MVRV 7D, Network Growth
ETH continues to follow very closely with the S&P as global uncertain remains. If indeed S&P leads the way, then it's important that the retest levels see a bounce for bullish continuation else it's highly unlikely that ETH will hold its ground.
Supply on exchanges
There was a huge spike in ETH's supply on exchanges just before price sank. However, this spike is due to Binance moving ETH from an unlabeled wallet to an existing labeled one. While there's no cause for concern, the timing preceding the drop was quite spot on.
ETH's Network Growth have been declining steadily since the start of August while price continued to climb. This divergence is generally not a healthy one as it indicates that there's very little new market participants coming in to support the price.
Everyone that wanted a position is likely already in.
ETH's MVRV 7D which measures the short-term profit/loss of holders is showing that we are in a somewhat neutral zone after bottoming out in the opportunity zone.
Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.
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