This underperformance comes as its price remains below its 2020 peak, while BTC is selling at the highest levels seen in the period following its 2017 parabolic uptrend trend. This underperformance is due to the fact that its price remains below its 2020 peak, while BTC is trading at the highest levels seen in the era following its parabolic uptrend in 2017. While its market activity has not been overtly bullish, ETH remains extremely high from an on-chain and technical point of view.
Due to a revival in the DeFi trend, the transition to ETH 2.0 is now ongoing and the network is being used in vast quantities. The sum of Ethereum held on exchanges, which has just surpassed its lowest levels seen since 2018, is one of the potentially most bullish on-chain metrics. This metric reaching a multi-year low shows that the selling pressure that the cryptocurrency may face is limited for the time being.
Ethereum is still below its 2020 highs of just under $500 that were set during the DeFi mania peak phase a few months ago. Ethereum though, is up substantially from the lows of approximately $310 that were set after the mania subsided and the broader market turned lower.Analytics firm Santiment explained that only 13.35 percent of the total ETH supply is being held on exchanges; “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…”