Ethereum [ETH] capitulation soon? Look at these PoS metrics first

ambcrypto.com:

A profitable trading day is really hard to come by. Especially when an American billionaire investor (Yes, Charlie Munger) has just called for a ban on cryptocurrencies.

Funnily enough, 14 hours (at press time) after his statement to CNBC, the market was nowhere near its doomsday. In fact, Bitcoin [BTC] was trading in the upper circuit following an impressive +8.45% 7-day rally to take traders to the $24,634-mark.

Altcoins, in general, received the lion’s share of the attention though. Ethereum [ETH] crossed its $1,500-psychological level to trade at $1,684 at the time of writing. ETH scalpers had the best time utilizing their skills to drive home unexpected profits. Even so, the market questioned the uptick with an assertion of it being a bull trap.

Read Ethereum’s [ETH] Price Prediction 2023-24

You might wonder why this recent uptick is being called a “bull trap” by some analysts. Well, the reasons are quite obvious. Remember that ETH has just broken out above a resistance level of $1,500. Generally, many breakouts are followed by strong moves higher. However, in the case of a bull trap, the direction is quickly reversed.

Some analysts are also of the opinion that the exchange netflow is in its absolute charted territory, and is not giving out hope of a sustained recovery. Usually, when exchange outflow increases by a good margin, traders tend to take that as a precursor of healthy demand.

So the question is what should ETH traders look into to analyze the current happenings of the ecosystem? Interestingly, the answer is ETH PoS metrics.

These not-so-well-known metrics can help retailers or sharks understand ETH from the networking point of view in order to plan their trading decisions.

It is in this context one should note