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Some Key Ethereum On-Chain Fundamentals Have Crashed To Dangerous Lows; Should Investors Be Worried?

A 'Price Crash' Could Be Coming For Ethereum As Data Shows 80% Of ETH Supply Is In Profit

The market for cryptocurrencies is in the viridity today after suddenly plummeting earlier in the week. Bitcoin (BTC) is up about 1.47% today to reach $10,323, while Ethereum (ETH) is down nearly 5.73%, trading around $362. Cryptocurrencies surged higher as the stock markets recouped some of their losses from last week’s pullback.

While the price of ethereum is currently striving to trend upward, cryptocurrency analytics firm Glassnode has noted some of the asset’s on-chain fundamentals that are on a decline. Specifically, the ETH balance on exchanges and also wallet balances are at historic lows.

The big question is, does the slowdown in the growth of these on-chain fundamentals threaten the price of ETH, possibly leading to a deeper sell-off?

Ethereum On-Chain Metrics Are Dropping 

According to researchers at Glassnode, the balance of ethereum on exchanges (Id MA) recently slid to a 6-month low of approximately 17,188,000 ETH. This suggests that users are now choosing to hold their coins in cold storage instead of crypto exchanges after the latest sell-off.