However, Shayan noted that the state of the futures market, a critical factor in price determination, must also be analyzed before making “definitive conclusions.” Exchange Reserves Signal New Distribution Phase Amidst Death Cross Concerns "Ethereum reserves on exchanges continue to grow, the likelihood of a decrease in demand—and consequently, a further price decline—also increases.” – By @ShayanBTC7 Link 👇 pic.twitter.com/K6mMDmtnBH — CryptoQuant.com (@cryptoquant_com) September 2, 2024 Ethereum’s Price Action and Market Sentiment Despite the concerning signals from the exchange reserve metric, Ethereum has managed to stage a modest recovery over the past day.
Shayan disclosed in the analysis shared in a post on the CryptoQuant QuickTake platform that the Ethereum exchange reserve metric has shown a notable upward trend between June and August, indicating a distribution phase that has contributed to the ongoing bearish trend.
According to a recent analysis by CryptoQuant analyst Shayan, the Ethereum exchange reserve metric, which tracks the amount of ETH held in exchange wallets, is providing insights into this question.
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