In its recent tweets, Glassnode has shared that the balance of second biggest currency Ethereum on crypto exchanges has slumped to a half-year low while ETH is changing hands below the $390 level.
ETH exchange balance plummets
A recent tweet from the Glassnode analytics provider shows a major low of ETH balances on crypto exchanges that has reached a 6-month negative peak.
The value of this metric amounts to 17,333,770.930 ETH. This could be indicative of users’ determination to hold on to their ETH despite the current price drop to $371 from above the $400 area.
Positive ETH on-chain fundamentals
Despite the aforementioned all-time low, Glassnode has also spread the word about positive ETH fundamentals.
According to a tweet, the amount of ETH wallets storing more than 0.01 coins has reached an all-time high of 9,592,748.
Along with that, daily perpetual volume (1d MA) on ETH futures has seen a half-year high on Bitfinex, now totalling $52,395,014.79 on this top-tier trading platform.
ETH tanking below $400
On September 2, the second major currency ETH reached a peak of $486 and began declining along with the global stock market, where major indexes – Nasdaq Composite and Dow Jones – plummeted heavily.
Dow lost 800 points after a brief decline by 1,000 points. The stocks of such heavyweights as Apple, Microsoft and Amazon also saw a substantial decrease – 8 percent, over 6 percent and 4.5 percent.
Many in the community seemd to reckon that ETH and other altcoins started falling due to being related to the stock market.
However, a popular analytics provider Santiment believes that ETH was going to decline regardless of that.