On-Chain Ethereum Trends Favor Bulls Despite 5% Drop From Local Highs
bitcoinist.com
The coin fell under $370 on Tuesday morning as capital flooded from the altcoin market back towards Bitcoin, which has underperformed altcoins over the past six months. On the current state of the ratio, Santiment wrote that Ethereum is still “bullish” but the trend is moving into “neutral territory.”.
Santiment recently reported that the number of ETH held on exchanges has dropped rather dramatically in the past two months, suggesting accumulation: Not all investors and analysts in the space are convinced of altcoins such as Ethereum in the current phase of the Bitcoin market cycle, though. Kyle Davies, a co-founder of crypto fund Three Arrows Capital, recently suggested that Bitcoin is likely to dramatically outpace altcoins.
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