On-chain metric such as Ethereum exchange reserve supports the current bearish outlook, suggesting that ETH may experience a price decline.
ETH’s reserve on the exchanges has been increasing, indicating higher selling pressure from investors.On the 3rd of September, on-chain analytic firm Spot On Chain made a post on X that exploiters had transferred 2,600 ETH worth $6.54 million to Tornado Cash.still held a significant amount of 59,156 ETH worth $148.8 million, across nine different cryptocurrency wallet addresses, at press time.
Meanwhile, the altcoin’s Relative Strength Index was in an oversold territory, which could potentially signal a price reversal.AMBCrypto’s look at the Ethereum exchange reserve via CryptoQuant supported the current bearish outlook, suggesting that ETH may experience a price decline. The exchange reserve typically rises when investors or institutions are preparing to sell off their assets, prompting them to transfer their holdings from wallets to exchanges.As of press time, the major liquidation levels were near $2,490 on the lower side and $2,550 level on the upper side, as intraday traders were over-leveraged at these levels, according to Coinglass.
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