ETH price increase is steady; what signals do on-chain data reveal?
Over the past 24 hours, Ethereum (ETH) has risen 0.9%, showing relatively stable performance. However, on-chain data has revealed some interesting signals. According to CoinGlass data, ETH’s long/short ratio has climbed to 1.1, and OI reached $1.65 billion, indicating that market capital is still leaning toward longs. But it’s worth noting that ETH’s number of active on-chain addresses and trading volume have not risen significantly, meaning the current uptick is mainly driven by institutions and large whales, rather than broad participation from retail traders.
In addition, Binance derivatives data shows ETH funding has been flowing to the long side, but the long/short ratio is nearing extreme levels, which often suggests a potential reversal.
The question now is: how long can the long pressure on ETH continue if on-chain activity hasn’t increased notably? Source: CoinGlass
#ETH
Over the past 24 hours, Ethereum (ETH) has risen 0.9%, showing relatively stable performance. However, on-chain data has revealed some interesting signals. According to CoinGlass data, ETH’s long/short ratio has climbed to 1.1, and OI reached $1.65 billion, indicating that market capital is still leaning toward longs. But it’s worth noting that ETH’s number of active on-chain addresses and trading volume have not risen significantly, meaning the current uptick is mainly driven by institutions and large whales, rather than broad participation from retail traders.
In addition, Binance derivatives data shows ETH funding has been flowing to the long side, but the long/short ratio is nearing extreme levels, which often suggests a potential reversal.
The question now is: how long can the long pressure on ETH continue if on-chain activity hasn’t increased notably? Source: CoinGlass
#ETH
