Ethereum briefly surpassed $1,700 on February 2, soaring more than $500 since the start of the year, but some analysts say the bullish activity on the crypto may be short-lived.

A chart published by the market intelligence platform Santiment identified several key points that suggest a local top may be in.

It found that there is a large gap forming between major ETH profit taking and the availability of ETH supply on exchanges.

On February 2, ETH supply on exchanges fell to below 11.25%, their lowest level since June 2018.