Ethereum [ETH] is taking a bit of a breather after the prolonged downward spiral of the cryptocurrency market. The altcoin king dropped below $1,000 for the first time since January 2021 between June 18 and June 19.

While ETH has recovered slightly above the $1,000 price level, there are still concerns that the bears could continue their attack, pushing prices even lower. On the other hand, the latest lows have sparked optimism that ETH may have bottomed out and may reach more upsides in the coming days.

Signs of the time

ETH’s supply stat reveals that whales jumped on the accumulation wagon as the price of the altcoin fell. The distribution of the offer by the balance at addresses revealed that several whale classes have bought the dip. For example, whales with between one million and 10 million ETH increased their holdings from 10.7% on June 14 to 11.09% on June 21.

Source: Santiment

Whales with between 100,000 and a million ETH also increased their holdings from 21.14% on June 15 to 21.74% on June 21. In addition, the breakdown of ETH supply based on the number of addresses that six addresses held between one million and 10 million ETH in the first half of April, but that one sold their holdings on April 17, leaving five whales on the run. lagged behind the market. However, on June 14, the number dropped to six whales.

ETH’s exchange flow statistics show that it currently has higher net outflows. The exchange’s outflow volume of 408,173 ETH is significantly higher than the 366,756 ETH it recorded as the exchange’s inflow volume.

Source: Glassnode

Despite the observation given above, the amount of accumulated ETH represents a very small percentage of the total ETH in circulation. The supply of ETH on exchanges is still at the highest level of the past three months. ETH’s daily active addresses dropped significantly in June compared to May and the total whale supply is close to a three-month low.

Source: Santiment

The recent rise in the MVRV ratio reflects purchases that occurred near ETH’s latest local lows. This means that those who bought at the bottom are already making a profit, pushing the ratio up.

ETH’s statistics suggest that there is some demand at the current price level. However, it is not enough for a large price movement. This is due to the lack of a catalyst and investors are also waiting for market conditions to improve.

This post Ethereum [ETH] maybe not ready for a serious rally; this is why

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