Top Ethereum (ETH) Wallets Showing Positive Trends, According to Crypto Analytics Firm Santiment
Leading crypto analytics firm Santiment has reported that the largest non-exchange Ethereum (ETH) wallets are acquiring the second-largest digital asset at an unprecedented rate. Santiment has described this development as an encouraging pattern.
Santiment’s data reveals that the top 10 non-exchange Ethereum wallets now hold more than 41 million ETH, marking a historic milestone. In contrast, the top 10 exchange wallets currently hold only 8 million ETH, the lowest in six months. This trend indicates a growing preference for self-custody among Ethereum holders.
At the time of writing, ETH is trading at $2,085, showing a 2.26% increase in the past 24 hours and nearly 13% growth over the past month.
However, not all of Ethereum’s metrics indicate a bullish outlook. Crypto trader Ali Martinez has alerted his followers on Twitter to pay attention to the Tom DeMark (TD) Sequential indicator. This indicator is commonly used by traders to predict potential trend reversals based on previous closing prices.
Martinez emphasizes the accuracy of the TD Sequential indicator in forecasting ETH’s price movements on the four-hour chart. Currently, the indicator is flashing a sell signal at a key resistance level, suggesting a possible retracement towards $2,000.
Despite its recent gains, ETH is still down by more than 57% from its all-time high of $4,878, which was reached in November 2021.