Este artículo también está disponible en español.
Ethereum is flat at press time, moving inside a narrow $400 range with caps at $2,300 on the lower end and $2,800 as the upper limit. Even though investors are upbeat, expecting prices to soar in the coming sessions, uncertainty continues to engulf the market.
Ethereum Finds Support At $2,300: Over 52 Million ETH Bought
The second world’s most valuable coin is bearish, dumping by over 50% from July highs and unable to break the local resistance at $3,500. As traders closely monitor how price action pans out, one analyst has picked an interesting development from market data.
Related Reading
Citing IntoTheBlock data on October 11, the analyst observes that over 52 million ETH has been acquired by traders at around the $2,300 level. Considering the amount of coins in the hands of traders at this price, this zone is the immediate support.
As such, if buyers have the upper hand, lifting prices from this point, this level will anchor the uptrend. If sellers double down, as has been the case in the past few trading months, the probability of ETH dropping below Q3 2024 lows will be elevated.
Presently, the sentiment is bearish, as seen in the CoinMarketCap poll. Over 65% of ETH holders and traders expect prices to struggle in the short term.
Therefore, how prices react at the local support will shape the short to medium-term formation. A surge, lifting ETH above $2,800, will be crucial in driving demand, providing the much-needed tailwinds for optimistic traders.
USDT, USDC, And Stablecoin Market Cap Falling: Is Buying Power Dwindling?
Although optimism is high, other related market data points to weakness. Over the past few trading weeks, the market capitalization of stablecoins like USDT and USDC has been falling. As of October 10, the analyst notes it was down $780 million from recent swing highs, pointing to a possible drop in buying power.
Usually, whenever USDC, USDT, and even DAI move to centralized exchanges, more users are keen on buying crypto assets, including ETH and BTC. However, if there is an outflow or its market cap dwindles, it may mean that more users are cautious and closely monitor events before committing.
Typically, more coins, including stablecoins, tend to find their way to centralized exchanges when there are concerns about market prospects. Such inflows tend to precede a market-wide correction.
Related Reading
For now, inflows of ETH to centralized exchanges have not been picked. However, what’s been happening is that more holders have been staking. By mid this week, market data revealed that over 34 million ETH remain locked, earning holders a 3.3% APY.
Feature image from DALLE, chart from TradingView
Este artículo también está disponible en español.
Ethereum is flat at press time, moving inside a narrow $400 range with caps at $2,300 on the lower end and $2,800 as the upper limit. Even though investors are upbeat, expecting prices to soar in the coming sessions, uncertainty continues to engulf the market.
Ethereum Finds Support At $2,300: Over 52 Million ETH Bought
The second world’s most valuable coin is bearish, dumping by over 50% from July highs and unable to break the local resistance at $3,500. As traders closely monitor how price action pans out, one analyst has picked an interesting development from market data.
Related Reading
Citing IntoTheBlock data on October 11, the analyst observes that over 52 million ETH has been acquired by traders at around the $2,300 level. Considering the amount of coins in the hands of traders at this price, this zone is the immediate support.
As such, if buyers have the upper hand, lifting prices from this point, this level will anchor the uptrend. If sellers double down, as has been the case in the past few trading months, the probability of ETH dropping below Q3 2024 lows will be elevated.
Presently, the sentiment is bearish, as seen in the CoinMarketCap poll. Over 65% of ETH holders and traders expect prices to struggle in the short term.
Therefore, how prices react at the local support will shape the short to medium-term formation. A surge, lifting ETH above $2,800, will be crucial in driving demand, providing the much-needed tailwinds for optimistic traders.
USDT, USDC, And Stablecoin Market Cap Falling: Is Buying Power Dwindling?
Although optimism is high, other related market data points to weakness. Over the past few trading weeks, the market capitalization of stablecoins like USDT and USDC has been falling. As of October 10, the analyst notes it was down $780 million from recent swing highs, pointing to a possible drop in buying power.
Usually, whenever USDC, USDT, and even DAI move to centralized exchanges, more users are keen on buying crypto assets, including ETH and BTC. However, if there is an outflow or its market cap dwindles, it may mean that more users are cautious and closely monitor events before committing.
Typically, more coins, including stablecoins, tend to find their way to centralized exchanges when there are concerns about market prospects. Such inflows tend to precede a market-wide correction.
Related Reading
For now, inflows of ETH to centralized exchanges have not been picked. However, what’s been happening is that more holders have been staking. By mid this week, market data revealed that over 34 million ETH remain locked, earning holders a 3.3% APY.
Feature image from DALLE, chart from TradingView
can i buy cheap clomiphene tablets can i buy cheap clomiphene without dr prescription clomid buy how to buy cheap clomiphene without dr prescription where to buy clomiphene no prescription can you get generic clomiphene online buying clomiphene without dr prescription
The thoroughness in this piece is noteworthy.
This is a theme which is forthcoming to my heart… Numberless thanks! Exactly where can I upon the connection details an eye to questions?
oral zithromax 500mg – ciprofloxacin 500mg pills flagyl for sale online
order semaglutide 14mg sale – semaglutide where to buy periactin 4mg pill
buy motilium online cheap – motilium 10mg pills buy cheap generic flexeril
cheap inderal 20mg – methotrexate for sale methotrexate cost
amoxicillin cost – valsartan us buy ipratropium paypal
cheap zithromax – tinidazole sale nebivolol where to buy
augmentin 625mg cost – atbioinfo.com how to get acillin without a prescription
purchase esomeprazole generic – https://anexamate.com/ nexium 40mg for sale
order medex generic – https://coumamide.com/ order cozaar 25mg sale
mobic 15mg tablet – relieve pain meloxicam 7.5mg sale
prednisone 20mg for sale – corticosteroid oral prednisone 20mg
cheap erectile dysfunction pill – how to get ed pills without a prescription best pills for ed
amoxil online – https://combamoxi.com/ buy amoxicillin no prescription
forcan usa – buy fluconazole 100mg order diflucan 200mg without prescription
cenforce medication – https://cenforcers.com/ cenforce 50mg cost
generic cialis 20 mg from india – cialis experience forum cialis and alcohol
order zantac 300mg generic – ranitidine 300mg cheap purchase zantac pill
buy cialis with dapoxetine in canada – https://strongtadafl.com/ cialis prescription online
Greetings! Utter productive par‘nesis within this article! It’s the scarcely changes which choice turn the largest changes. Thanks a a quantity in the direction of sharing! site
viagra for sale in the philippines – click viagra sale uk only
This is the make of post I unearth helpful. https://prohnrg.com/product/acyclovir-pills/
I couldn’t resist commenting. Warmly written! https://aranitidine.com/fr/lasix_en_ligne_achat/
The thoroughness in this break down is noteworthy. https://ondactone.com/simvastatin/
Greetings! Extremely gainful recommendation within this article! It’s the crumb changes which choice espy the largest changes. Thanks a portion for sharing!
dutasteride uk
More posts like this would add up to the online space more useful. http://bbs.yongrenqianyou.com/home.php?mod=space&uid=4272507&do=profile
purchase forxiga generic – on this site forxiga 10 mg brand
xenical pills – https://asacostat.com/ buy xenical 120mg for sale