Macro headwinds continue to dampen Ethereum's long-term upside prospects.
fell on May 3 to its lowest level since August 2018, according to one of Glassnode's on-chain metrics.Both indicators imply a surge in traders' preference to hold Ethereum tokens over trading them for other assets.
They also coincide with a recent recovery in the upside sentiment of small Ether traders, namely an increase in the number of addresses that have a minimum balance of 0.1 ETH, 1 ETH and 10 ETH.The Ethereum balances tick higher across the retail addresses as Ether's price trends lower, indicating that traders have been buying ETH at local lows. That further supports the falling wedge's bullish reversal setup.
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