Ethereum (ETH) is once again losing momentum after exhibiting a positive bounce the previous week. At the time of publication, ETH has a market valuation of $125 billion and is currently trading 9 percent lower at $1032.<\/p>\n
The second-largest economy in the world is unmistakably losing strength, and if it cannot maintain $1,000, it may go as low as $700 or even lower.<\/p>\n
Ethereum Falls Below $1k<\/p>\n
Over the past few hours, the price of ethereum has deviated from a key level of support and fallen under $1,000. This is why more selling pressure might cause a downturn below $900 or even lower.<\/p>\n
To have a chance of refuting the dismal view, the second-largest cryptocurrency by market cap needs to retake $1,100 as support.<\/p>\n
Ali Martinez, a market analyst, reveals some important on-chain statistics to look out for! Martinez stated that there has lately been a significant increase in the supply of ETH on the exchanges, citing statistics from Glassnode. He stated:<\/p>\n
\u201cMore than 200,000 $ETH. worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.\u201d<\/p>\n\n
Source: Ali Martinez<\/p>\n
The number of ETH addresses that have experienced losses as a result of the current correction has also increased significantly. This can result in another sell-off. According to Ali Martinez:<\/p>\n
\u201cEthereum is at risk of a steep correction. Transaction history shows that nearly 468,000 addresses with more than 7 million #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.\u201d<\/p>\n\n
ETH\/USD trades above $1k. Source: TradingView<\/p>\n
Related reading | TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K<\/p>\n
Ethereum Whales Continue To Accumulate<\/p>\n
Despite the current chaos in the price of ETH, whales have persisted in demonstrating their might with sporadic accumulations. Santiment, on-chain data source, noted:<\/p>\n
\u201cEthereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin\u2019s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement\u201d <\/p>\n\n
Source: Santiment<\/p>\n
As of late, the state of the world economy and market circumstances appears dire. Recent figures show a significant decline in consumer confidence in the market, which could increase selling pressure on American equity.<\/p>\n
The ripple effects can persist further because the cryptocurrency market is already seeing a more severe correction.<\/p>\n
Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met<\/p>\n
Featured Image from Pixabay and Chart from tradingview.com, Santiment, Glassnode<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum (ETH) is once again losing momentum after exhibiting a positive bounce the previous week. At the time of publication, ETH has a market valuation of $125 billion and is currently trading 9 percent lower at $1032.<\/p>\n
The second-largest economy in the world is unmistakably losing strength, and if it cannot maintain $1,000, it may go as low as $700 or even lower.<\/p>\n
Ethereum Falls Below $1k<\/p>\n
Over the past few hours, the price of ethereum has deviated from a key level of support and fallen under $1,000. This is why more selling pressure might cause a downturn below $900 or even lower.<\/p>\n
To have a chance of refuting the dismal view, the second-largest cryptocurrency by market cap needs to retake $1,100 as support.<\/p>\n
Ali Martinez, a market analyst, reveals some important on-chain statistics to look out for! Martinez stated that there has lately been a significant increase in the supply of ETH on the exchanges, citing statistics from Glassnode. He stated:<\/p>\n
\u201cMore than 200,000 $ETH. worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.\u201d<\/p>\n
Source: Ali Martinez<\/p>\n
The number of ETH addresses that have experienced losses as a result of the current correction has also increased significantly. This can result in another sell-off. According to Ali Martinez:<\/p>\n
\u201cEthereum is at risk of a steep correction. Transaction history shows that nearly 468,000 addresses with more than 7 million #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.\u201d<\/p>\n
ETH\/USD trades above $1k. Source: TradingView<\/p>\n
Related reading | TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K<\/p>\n
Ethereum Whales Continue To Accumulate<\/p>\n
Despite the current chaos in the price of ETH, whales have persisted in demonstrating their might with sporadic accumulations. Santiment, on-chain data source, noted:<\/p>\n
\u201cEthereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin\u2019s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement\u201d <\/p>\n
Source: Santiment<\/p>\n
As of late, the state of the world economy and market circumstances appears dire. Recent figures show a significant decline in consumer confidence in the market, which could increase selling pressure on American equity.<\/p>\n
The ripple effects can persist further because the cryptocurrency market is already seeing a more severe correction.<\/p>\n
Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met<\/p>\n
Featured Image from Pixabay and Chart from tradingview.com, Santiment, Glassnode<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2346","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2346"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2346\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2346"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}