Ethereum (ETH), the second-largest cryptocurrency by market cap, is currently facing a challenging period as whales seem to be losing interest in the digital asset. After breaking out of a descending trendline and experiencing a brief upside move, ETH’s price has entered a consolidation phase, leading to a decrease in whale transactions.
Data from IntoTheBlock indicates a significant drop of 62.42% in whale transactions between $1 million and $10 million over the past week. This decline suggests that major players or institutions are stepping back from their involvement in Ethereum. Furthermore, transactions in other price ranges, such as $100,000 to $1 million and $10,000 to $100,000, have also decreased by 43.14% and 27.94%, respectively, over the same period.
On-chain metrics reveal a 51.68% decrease in the number of large transactions, signaling a reduced interest from whales in Ethereum. This, coupled with the current price momentum, suggests a bearish outlook for the asset and a potential price decline in the near future.
Traders are also showing a bearish sentiment towards ETH, with the Long/Short Ratio standing at 0.95. According to Coinglass, 51.17% of the top ETH traders have taken short positions, while 48.83% remain long. This shift in sentiment, along with the decrease in trading volume and price decline to $1,805, indicates a growing pessimism among traders and investors.
In terms of price action, Ethereum is at a crucial juncture as it hovers within the narrow zone of an ascending triangle pattern on the four-hour time frame. A breakdown from this pattern could lead to a 7% decline, with ETH potentially retesting the horizontal support level near $1,690. However, an upside breakout could occur if ETH surpasses the $1,840 mark and triggers a significant rally.
Despite the current challenges, ETH remains above the 200 Exponential Moving Average (EMA) on the four-hour chart, suggesting that the asset is still in an uptrend. It will be interesting to see how Ethereum navigates these obstacles and whether it can regain the interest of whales and traders in the coming days.
In conclusion, Ethereum’s price outlook appears uncertain, with both on-chain data and trader sentiment pointing towards a bearish trend. However, a breakout above key resistance levels could potentially reverse this sentiment and lead to a resurgence in Ethereum’s price. Stay tuned for further developments in the cryptocurrency market. The Benefits of Regular Exercise
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