Ethereum exchange balance is at its lowest since 2016
The outflow of ETH from exchanges has been ongoing for several weeks; 10.19% of the turnover remains on trading platforms (according to Glassnode).
Market participants are inclined to store ETH in cold wallets, which should have a positive effect on the value of the asset in the long term.
Ali Martinez is seeing an increase in ETH mentions on social media. In his opinion, most posts contain positive assessments, which potentially hints at the airwaves reaching a local peak.
Strong movements in ETH are still unlikely, since a flat pattern is forming on the chart in which it will remain in the near future.