After showing a healthy bounce last week, Ethereum (ETH) is once again losing steam. As of press time, ETH is trading 9% down at a price of $1032 with a market cap of $125 billion.
The world’s second-largest is clearly showing signs of weakness and if it fails to hold $1,000 it can possibly move all the way to $700 and below.
Market analyst Ali Martinez shares some crucial on-chain data to watch for! citing data from Glassnode, Martinez said that there’s been a huge spike in the ETH exchange supply on the exchanges recently. He wrote:
Više od 200,000 $ ETH. worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.
Furthermore, there’s a huge rise in the number of ETH addresses that have come under losses with the recent correction. This could trigger another sell-off. Ali Martinez objašnjava:
Ethereum je u opasnosti od nagle korekcije. Istorija transakcija pokazuje da je skoro 468,000 adresa sa više od 7 miliona #ETH are now underwater and could soon start exiting their positions. A spike in selling pressure could trigger a downswing to $700 or even $600.
Ethereum Whales Continue to Buy
Despite the recent mayhem in the ETH price, whales have continued to show strength with periodic accumulations. On-chain data provider Santiment primećeno:
Ethereum adrese ajkula i kitova (sadrže između 100 i 100k $ ETH) su zajedno dodali 1.1% više zaliha novčića u svoje torbe na ovom padu od -39%. Istorijski dokazi ukazuju na to da ova grupa nivoa ima alfa na buduće kretanje cijena.
The broader market conditions look beak as of now and global macro factors are playing a key role in it. As per recent data, the U.S. consumer confidence in the market has dropped considerably and this could put more selling pressure on U.S. equity.
With the crypto market already facing a steeper correction, the Ripple effects can continue further.
Predstavljeni sadržaj može sadržavati lično mišljenje autora i podložan je tržišnim uslovima. Istražite tržište prije nego što investirate u kriptovalute. Autor ili publikacija ne snosi nikakvu odgovornost za vaš lični finansijski gubitak.
Source: https://coingape.com/ethereum-exchange-supply-spikes-eth-at-a-risk-of-correcting-to-700-and-below/