Ethereum addresses in profit reached a 1-month low, but a few market indicators suggested a trend reversal.
revealed that Ethereum had the highest Galaxy Score. A high Galaxy Score is a bullish indicator, suggesting a northbound price movement over the coming days. The whales also seemed to have high confidence in the token.
This was evident from the slight rise in the number of wallets with a balance of 10,000 ETH to 100,000,000 ETH. However, the sharks and shrimps continued to sell as addresses with a balance of 10 ETH to 10,000 ETH declined.Apart from the Galaxy Score, a few other on-chain metrics were also in the bulls favor, increasing the chances of more volatile price action. For instance, Ethereum’s exchange reserve wasIts MVRV Ratio also showed signs of recovery, which was bullish.
’s network activity also remained high, as evident from its daily active addresses. Moreover, ETH’s network growth was also high in the last seven days.
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