For a change, Ethereum has had a better week than Bitcoin. The world’s largest alt has been recovering over the past few days, but went on to touch the $2600 mark only on Sunday. In fact, at press time, ETH was trading at $2616.43 after weekly gains of 12.2%.
With the London hard fork approaching, the balance of Ethereum on exchanges has been shrinking too. In fact, it has been hitting consecutive lows of late. Towards the beginning of June, the cumulative balance on exchange wallets was well above the 21 million mark. However, within the span of two months, the same has fallen by over 1.5 million.
Additionally, the exchange net flow indicator also highlighted that the outflows have, by and large, been overshadowing the inflows since June. Cumulatively, these two indicators asserted the fact that market participants expect the price of ETH to react positively to the upgrade. Hence, they are buying additional tokens. It also underlined the minimal selling pressure present in the ETH market today.
