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stETH's Popularity Rises as Supply on Exchanges Declines and Ethereum's Daily Chart Turns Red

July 5 (Cointime) - The popularity of stETH has been increasing, with more new addresses holding the token and its dominance in DeFi capital flows suggesting it has become a preferred collateral asset.

While stETH's supply on exchanges has decreased, its supply outside of exchanges has gone up, indicating optimism. Ethereum's daily chart has turned red as its price declined slightly in the last 24 hours, but market indicators remain bullish with the Exponential Moving Average Ribbon and MACD displaying a bullish advantage.

However, on-chain metrics suggest the token may be under selling pressure and the halt to its growth may last longer.

Ethereum Ethereum $3,449.04
+2.97%
DeFi Ethereum
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