Ethereum [ETH] witnessed a major setback last week as its price dropped, however, the token has shown signs of recovery in the last 24 hours
has witnessed a major setback last week as its price dropped in double digits. However, the token has shown signs of recovery in the last 24 hours.data
As per the tweet, a wallet of LonglingCapital transferred 20,000 ETH, worth over $50.3 million, to wallet “0x3478” after being dormant for nearly two years.As per our analysis of Glassnode’s data, Ethereum’s NVT ratio dropped sharply. Whenever the metric drops, it suggests that an asset is undervalued, indicating that the chances of a price increase are high.AMBCrypto then took a look at Santiment’s data. As per our analysis, ETH’s supply on exchanges increased over the last seven days.
Both the Relative Strength Index and Money Flow Index were in the oversold zone. These indicators suggested that there were high chances of ETH to recover from its losses.
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