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Ethereum's Potential Breakout Uncertain Despite Gradual Recovery in Derivatives Demand

Ethereum has displayed a bullish trend for four consecutive days, indicating a possible increase in demand and surpassing of sell pressure. However, it is too early to conclude whether this signifies a breakout from the narrow price range of the past two weeks.

Data on on-chain exchange flow reveals that more ETH is being withdrawn from exchanges than deposited, and the amount of ETH supply that was last active in the previous 3-6 months has hit a 10-month low, suggesting a long-term focus.

The current exchange flow volumes have dropped to levels where a surge in on-chain volumes has been observed before, indicating a potential resurgence of volumes and a breakout from the narrow range.

Ethereum Ethereum $3,316.47
-5.02%
Ethereum
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