- According to Santiment, ETH funds on exchanges have reached a two-year low.
- The total value locked up in the DeFi sector has exceeded the previous all-time high.
In the last 30 days, Ethereum has showed the highest profits within the top 10 by market cap with 22.23%. Only surpassed by Bitcoin (40.17%), ETH’s price seems to be driven by two factors: the launch of the deposit contract for Ethereum 2.0 and the progressive recovery of the DeFi sector. At the time of publication, ETH is trading at $460 with a sideways movement of -0.17% within the last day.
Remarkably, the fundamentals are strong for a continuation of the rally. While the price seems to be entering a consolidation stage, data analysis firm Santiment indicates that the ETH funds on exchanges have touched a two-year low. As the analysis firm notes, this may indicate a reduction of selling pressure on ETH:
The percentage of total $ETH being held on exchanges today (13.35%) has not been this low since November 23, 2018. The almost exact two-year milestone is a positive sign for #Ethereum holders, who have historically benefited when supply held off of exchanges is kept low. It indicates that large whale selloff probabilities will remain limited.
In that sense, crypto trader Josh Rager has set a target of $482. Rager commented that ETH is “slowly grinding up to retest highs from September. A break above $482 and I’ll likely look at $500+ targets for the first time since 2018”. Entrepreneur and crypto investor Qiao Wang has offered another interesting perspective. Via Twitter, he Source…