The data shows that competition for block space has intensified over time, which means that market participants are not deep into FOMO madness these days.
The supply of ETH on exchanges has skyrocketed recently, with exchange supply accounting for 0.5% of the total supply. This is adding 500kETH to an exchange wallet What is going on in the future may indicate that investors are either looking to liquidate positions - anticipating an imminent price drop - or expect negative GDP and Fed data.
Exchange supply is not the only indicator that is improving. ETH address activity also experienced a peak today. In fact, this is by far the largest spike in address activity. In the lower time frame, the activity appears to be well coordinated. Investors need to be careful as this could be a massive airdrop farming business.
According to data from CoinMarketCap at the time of writing, ETH is up 10.97% over the past 24 hours. The current trading price of the token is $1,446.82. However, its price is still down $7.88% over the past week.
Compared to the crypto market leader with a current total market capitalization of $176,194 billion in BTC (BTC), ETH is up about 1.53% as one ETH is now worth $0.06829 in BTC.
