Ethereum updates to know before taking profit this week

ambcrypto.com:

The crypto market has seen a shift in general sentiment since 9 August. This is being credited to the release of United States CPI news which will be panned out later on 10 August.

There are expectations among analysts that inflation has already peaked in June with the cooling of gas prices and supply-chain issues. A survey from the New York Federal Reserve this week signaled a positive sentiment among consumers since June.

According to CNBC, consumers expected inflation to run at a 6.2% pace over the next year and a 3.2% annual rate for the next three years.

That is a big decline from the respective 6.8% and 3.6% results in the June survey.

In the mix of it all is the altcoin heavyweight, Ethereum which saw its price fall by 5.13% since 9 August. ETH prices, at press time stood at $1,687 after breaking the $1,700 mark according to CoinMarketCap.

There is a growing consensus in the market that the drastic shift in sentiment is expected to turn around soon.

That being said, according to Glassnode, open interest in perpetual futures contracts has reached a new low on Kraken.

It basically reached a 19-month low of $12.09 million on 10 August with the previous low observed on 7 August.

A declining interest in futures contracts can mean short-term bettors are not optimistic about the general market conditions.

However, they usually tend to change their actions quickly in tandem with the general sentiment.

Source: Glassnode

However, there are other indicators that suggest growing optimism in the Ethereum community. A recent update claimed that the number of exchange withdrawals (7d MA) has reached an 18-month low of 1,810.2.

Pulling out holdings from exchanges is usually seen as a bullish notice for assets.

Source: Glassnode

Additionally,