The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced significant headwinds in recent weeks, with its price showing no signs of a sustained recovery.
Key Metrics Point To Continued Bearishness
According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down.
This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe.
The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months.
Related Reading
This bearish sentiment surrounding ETH is further exacerbated by the TD Sequential indicator, which has presented a sell signal on the cryptocurrency’s hourly chart, potentially intensifying the current downtrend.
Looking ahead, Martinez has identified key support levels that could come into play if the Ethereum price continues its downward trajectory. According to Martinez, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH.
Maintaining this level will be crucial for bulls to prevent another sharp crash, similar to the one seen earlier this month, which saw the price retrace to the $2,100 level – a level not seen since February.
Potential Price Upside For Ethereum Ahead?
Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum.
The researcher explained in a recent social media post on X (formerly Twitter) that, for the first time, the ETH balance on cryptocurrency exchanges has dropped below 10%. This marks a notable milestone, as the amount of Ethereum held on exchanges is now lower than that of Bitcoin (BTC). Waidnmann said:
The fact that there is significantly less ETH on exchanges than BTC is a highly encouraging sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, potentially indicating a shift away from short-term speculation and towards long-term hodling.
Related Reading
Ultimately, the next move for the ETH price remains to be seen, whether the bulls or bears will get the upper hand, decide the next short-term movement for the token, and break the current consolidation phase.
At the time of writing, ETH trades at $2,580.
Featured image from DALL-E, chart from TradingView.com
The crypto market has been challenging, and Ethereum (ETH), the second-largest cryptocurrency, is no exception. Despite its dominant position, the token has faced significant headwinds in recent weeks, with its price showing no signs of a sustained recovery.
Key Metrics Point To Continued Bearishness
According to crypto analyst Ali Martinez, some of the largest Ethereum whales, holding over 10,000 ETH, have been steadily selling their tokens over the past month, with no indication of slowing down.
This mass exodus of large investors has contributed to ETH’s 26% price drop over the last 30 days, narrowing its year-to-date gains to just 55% – making it one of the weaker-performing tokens in this timeframe.
The selling pressure from these Ethereum whales has been a key factor in the token’s ongoing consolidation at the bottom of the range it has experienced over the past seven months.
Related Reading
This bearish sentiment surrounding ETH is further exacerbated by the TD Sequential indicator, which has presented a sell signal on the cryptocurrency’s hourly chart, potentially intensifying the current downtrend.
Looking ahead, Martinez has identified key support levels that could come into play if the Ethereum price continues its downward trajectory. According to Martinez, a crucial support zone to watch is between $2,300 and $2,380, where 1.62 million addresses have purchased over 50 million ETH.
Maintaining this level will be crucial for bulls to prevent another sharp crash, similar to the one seen earlier this month, which saw the price retrace to the $2,100 level – a level not seen since February.
Potential Price Upside For Ethereum Ahead?
Despite these bearish factors painting a dark picture for the second-largest cryptocurrency on the market, market researcher Leon Waidmann claims that a significant development has emerged that could signal a potential bullish shift for Ethereum.
The researcher explained in a recent social media post on X (formerly Twitter) that, for the first time, the ETH balance on cryptocurrency exchanges has dropped below 10%. This marks a notable milestone, as the amount of Ethereum held on exchanges is now lower than that of Bitcoin (BTC). Waidnmann said:
The fact that there is significantly less ETH on exchanges than BTC is a highly encouraging sign. It suggests that Ethereum investors are increasingly withdrawing their tokens from trading platforms, potentially indicating a shift away from short-term speculation and towards long-term hodling.
Related Reading
Ultimately, the next move for the ETH price remains to be seen, whether the bulls or bears will get the upper hand, decide the next short-term movement for the token, and break the current consolidation phase.
At the time of writing, ETH trades at $2,580.
Featured image from DALL-E, chart from TradingView.com
Компания “СтройРесурс” является главным игроком на сегменте строительства домов под ключ в столице Удмуртии и Удмуртском регионе. Мы предлагаем полный спектр услуг, с подготовки проекта и заканчивая отделочными работами, обеспечивая надёжность и качество услуг, внедряя новейшие технологии и качественные материалы.
Мы имеем многолетний опыт и выполнили множество успешных проектов, что является свидетельством нашей репутации как партнера.
Если вы планируете создать дом своей мечты, то купить дом под сельскую ипотеку – это то, что вам необходимо. Мы оказываем услуги по созданию всевозможных домов, таких как жилища из кирпича и дома из натурального дерева, а также дешевая ипотека дом . Такой подход позволяет нашим клиентам оптимизировать расходы с сохранением качества.
Мы гарантируем индивидуальный подход к каждому клиенту, принимая во внимание все требования наших заказчиков. Наша группа экспертов имеет профессиональными умениями для реализации проектов высокого качества. Кроме того, мы гарантируем гарантию на все виды работ, что подтверждает наше стремление к долгосрочному сотрудничеству.
Если вы ищете надёжного партнера для возведения вашего нового дома, остановите выбор на стройресурс18.рф. Мы сделаем все возможное, чтобы стройка прошла гладко, и результат превзошел все ожидания. Для связи: Россия, Ижевск, Пушкинская улица, 160, номер телефона +7 (3412) 77-24-40.
Hola! I’ve been reading your web site for some time now and finally got the courage to go ahead and give you a shout out from Atascocita Tx! Just wanted to tell you keep up the excellent work!
Real clear web site, thanks for this post.
This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.
I do consider all the concepts you’ve presented to your post. They’re really convincing and can certainly work. Nonetheless, the posts are too brief for starters. Could you please prolong them a bit from subsequent time? Thanks for the post.
Thank you for another informative website. Where else could I get that type of info written in such a perfect way? I’ve a project that I am just now working on, and I’ve been on the look out for such info.
clomiphene generico where to buy cheap clomiphene no prescription says: can you get cheap clomiphene without insurance average cost of clomid can i buy clomiphene pill cost of cheap clomid pills how to buy generic clomiphene price
Greetings! Utter gainful advice within this article! It’s the little changes which liking obtain the largest changes. Thanks a quantity in the direction of sharing!
This website positively has all of the information and facts I needed adjacent to this participant and didn’t identify who to ask.
buy generic zithromax – buy ciplox 500mg online buy metronidazole pills for sale
order rybelsus 14mg generic – buy semaglutide 14 mg without prescription buy generic cyproheptadine 4 mg
Real clear site, appreciate it for this post.
domperidone 10mg usa – purchase motilium online purchase flexeril generic