The day-long ETH bull market is over.

Don't be pessimistic, and don't be bearish as soon as it falls. Let's look at the potential trend of ETH from several angles.

First of all, pay attention to a very intuitive data. The total amount of Ethereum in the exchange has reached a new low this year, which means that the coins in the exchange are constantly being withdrawn.

As of 3 pm on the 29th, many whales including Justin Sun still bought ETH at $3,200, and institutions and investors chose to transfer Ethereum in the exchange account to the wallet, which also indirectly led to a continuous decrease in the amount of coins in the exchange, triggering potential price increases from the liquidity.

Second, the Ethereum network gas fee fell to a new low in 6 months, and the average handling fee level has dropped to only $1.12 per transaction, which is the lowest daily average cost since October 18, 2023. #eth #ETH

After the ERC404 that exploded in February, there was no decent network activity on Ethereum. In the past two months, due to market retracement and reduced demand, the GAS fee has reached a new low, which may also be a node of cycle conversion, representing the beginning of a possible rebound of ETH and related altcoins.

In fact, from the independent trend of Ethereum in the past two days, it can be seen that Ethereum's strong momentum still exists, and the above data also means that more investors will bet on Ethereum, thus realizing a new rising market. However, whether this market can come as expected, we need to see not only whether BTC's decline can be reversed, but also whether the momentum of the bulls can be driven. If possible, I hope that Ethereum can be stronger. $ETH