• Ethereum whales have begun moving away from ETH as the MVRV ratio increased.
• Retail investors and validators continued to support Ethereum, despite high selling pressure.
• The negative issuance of ETH has led to an increase in validator numbers, which could be a sign of future bullishness.

Ethereum Whales Move Away

Ethereum whales have started selling their holdings due to the current high MVRV ratio. This has created some selling pressure on the network but retail investors and validators continue to HODL, providing some support for the cryptocurrency.

High MVRV Ratio

The MVRV ratio for Ethereum reached a one-month-high according to Glassnode’s data. A high MVRV suggests that most ETH holders would make a profit if they sold their holdings, creating more selling pressure on various addresses.

Retail Investors Stay Hopeful

Retail investors are still interested in Ethereum due to its negative issuance, which could lead to scarcity of coins and potentially drive up its value in the future. Along with this, there is also increasing activity on the Ethereum network with fees paid reaching a 8-month high according to Glassnode’s data.

Increasing Validator Numbers

The number of validators on the Ethereum network has grown by 3.89% in 30 days according to Staking Rewards‘ data. This could be attributed to the revenue generated by them and may be seen as a signal of potential bullishness ahead for ETH prices.

Conclusion

Whales have started moving away from ETH due to its high MVRV ratio but retail investors and validators remain hopeful about its future prospects due to increasing activity and negative net issuance levels on the network. The growth in validator numbers also adds optimism towards potential bullishness for ETH prices ahead