Statistical data suggests that the price of Ethereum ($ETH ) may soar following the price of $BTC , when the bullish rally in the BTC market comes to a halt.
According to the IntoTheBlock portal, the current situation in the ETH market is ambiguous, as some technical indicators point to a rise in the asset's value, while others indicate a decline. For example, among the negative factors is a slight increase in the number of transactions and new crypto wallets. This is likely due to the high popularity of second-layer networks operating on the Ethereum blockchain.
At the same time, crypto whales and regular traders are not in a hurry to part with their coins. This is evidenced by the data on the inflow and outflow of capital from cryptocurrency exchange accounts, as well as fluctuations in the sales profit ratio (SOPR).
These metrics reflect the prevailing sentiment among market participants, which can be described in the words "buy and hold". This is driven by traders' confidence in the high long-term potential of ETH, as noted by the researchers at CryptoQuant.
