- The supply of stETH on exchanges decreased, while the off-exchange supply increased.
- ETH’s 24-hour chart was red, but market indicators remained bullish.
After a bullish week, Ethereum [ETH] daily chart has turned red as the price fell. Another interesting development in the Ethereum ecosystem was how the popularity of liquidity betting has increased in recent months. Is Lido Staked Ethereum [stETH] become investors’ next favorite token?
Read Ethereum [ETH] Price prediction 2023-24
stETH’s popularity is impressive
Glassnode is recent tweet revealed that the popularity of stETH has been on an upward trend since the Shanghai update. According to the tweet, Lido’s stETH maintains impressive dominance, with DeFi capital flows suggesting it has become a preferred collateral. The total number of new addresses with sETH has risen sharply in recent months, which seemed optimistic.
Santiment’s chart revealed that stETH supply on exchanges has plummeted over the past month. While this was happening, off-exchange supply moved up, which was an optimistic update. Moreover, the total number of holders has also increased, further proving its increasing popularity among investors.
Source: Sentiment
The daily chart of Ethereum is red
In the midst of all this, Ethereum enjoyed a comfortable bull rally. However, the token’s uptrend ended as the price fell slightly in the past 24 hours. According to CoinMarketCapat the moment of writing, ETH was trading at $1,955.55 with a market cap of over $235 billion.
Interestingly, stETH was trading at a slightly lower price than ETH. On the one hand, off-exchange stETH supply increased; on the other hand, off-exchange Ethereum supply remained flat. The same also held true for ETH supply on exchanges, suggesting less movement of the asset over the past week.
Source: Sentiment
from CryptoQuant facts revealed that the halt to the token’s growth could take longer as several on-chain metrics turned bearish. ETH’s exchange reserve increased, suggesting the token was under massive selling pressure. ETHThe company’s active address count also dropped compared to the past seven days, which looked bearish.
Is your wallet green? Check the Ethereum Profit Calculator
Here’s what investors can expect
While the stats were bearish, a look at ETH’s daily chart revealed a different story. The exponential moving average (EMA) ribbon showed a bullish crossover.
The token’s MACD also showed a similar bullish upside in the market. The Relative Strength Index (RSI) also registered an increase, increasing the likelihood of a price increase in the coming days.
Source: TradingView
