Ethereum [ETH]: Why this pro-ETH metric needs a closer look

ambcrypto.com:

The bear market appears to be in full swing, despite a few stray spikes in the prices of some crypto-assets. In fact, the general sentiment towards Ethereum [ETH] seemed to be one of fear, as per the Ethereum Fear and Greed Index at press time.

The surge in fear, however, is the result of ETH’s price drop. Even so, despite the aforementioned dip, some top exchange and non-exchange addresses held over $32 million worth of ETH, according to Santiment.

This figure stood to be double than what was held by these addresses four years ago.

Taking a closer look at the metrics, it can be observed that the holdings of top exchange addresses rose from around $4 million in March 2022 to $9.13 million in September 2022. 

Source: Santiment

Holdings for non-exchange addresses have, however, been on a decline, though still higher when compared to exchange addresses.

Non-exchange holdings stood at $23.16 million, which brought the total holdings of non-exchange and exchange addresses to $32.29 million at press time.

Source: Santiment

Ethereum’s market capitalization stood at over $160 billion, at press time, representing over 17% of the total crypto-market.

A look at the dev activity metric also revealed that after a slight drop, the same for Ethereum was on an uptrend on the charts. 

An observation of the daily timeframe showed that Ethereum’s price action has been moving sideways lately. Upon plotting trend lines, it was also observed that ETH appeared to be forming a new resistance on the charts.

The resistance level was at around $1,425.6, with ETH struggling to break through the same since 19 September. A further observation of the trend lines suggested that the press time resistance acted as support until it flipped.

In fact, the press time