Leading crypto analytics firm Santiment says the largest non-exchange Ethereum (ETH) wallets are gobbling up the second-largest digital asset at record rates.
Santiment says Ethereum wallets are “forming an encouraging pattern.”
The analytics firm notes that the 10 largest non-exchange Ethereum wallets now hold more than 41 million ETH for the first time ever, while the 10 largest exchange wallets now hold only 8 million ETH, a six-month low.
“More and more coins continue moving to self-custody.”
ETH is trading at $2,085 at time of writing and is up 2.26% in the past 24 hours and nearly 13% in the past month.
Not all of Ethereum’s metrics look bullish, however. Crypto trader Ali Martinez tells his 34,100 Twitter followers on the social media platform X to pay attention to the Tom DeMark (TD) Sequential indicator.
The TD Sequential indicator is used by traders to predict potential trend reversals based on the closing prices of the 13 previous bars or candles.
“The TD Sequential’s track record speaks volumes! Its accuracy in predicting ETH’s price movements on the four-hour chart is noteworthy.
Currently, it’s flashing a sell signal at a key resistance level. Should this signal hold true, we may see ETH retracting and heading toward $2,000.”
Despite its recent gains, ETH remains more than 57% down from its all-time high of $4,878, which it hit in November 2021.
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