This disconnect raises questions: Is ETH’s current rally led by strong hands, or is it building on unstable footing?
Source: Santiment
Accumulation vs. activity
Ethereum’s short-term setup remains constructive, thanks to rising Open Interest, improving MVRV, and Binance-led Exchange Reserve growth.
However, unless user metrics like Network Growth and Transaction Count rebound, ETH may struggle to maintain long-term upside.
A rally without a crowd could stall as fast as it started.
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