Ethereum (ETH) on the night of Thursday, October 13, fell to $1267. The largest altcoin has been trading above $1,300 for the past few weeks.
The September fork of Merge did not help the coin, on the contrary, after the update, it began to lose ground. Trading in a narrow range signals that Ethereum has found the bottom.
The pressure is reduced due to the reduction of the cryptocurrency exchange balance.
According to CryptoQuiant, the number of coins on exchange wallets has been falling since mid-September. As of October 12, this volume was about 22 million ETH.
Trending: Finder: Bitcoin could hit $80,000 by 2025
A similar situation was observed in 2017. After a protracted stagnation, the ether then entered a phase of strong turbulence. Most likely, soon, such a scenario will repeat itself, and the range of altcoin price fluctuations will increase.
The number of new addresses on Ethereum has reached a ten-month high (5,044,161). Glassnode data suggests that new investors are registering on the blockchain, ready to test the coin.
Open interest in ETH futures hit a high of $8.037 billion since September 14. Most players are betting on escalation.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
The largest number of open contracts are placed on the FTX, Binance, and OKX exchanges - $2.08 billion, $1.98 billion, and $1.14 billion, respectively.