In tandem with Bitcoin, Ethereum is also moving downward. Only a short-term correction-or are serious losses imminent?

Advertising

Key Metrics Speak for Ethereum

True, Ethereum yesterday managed to briefly move up to $ 3,120. ETH, however, was unable to build momentum and pulled back up to $ 3,000 as a result. Currently, Ethereum is even trading minimally below, looks weak and could even extend its losses in the short term.

Ethereum’s 5-Day Chart: ETH Falls Below $ 3,000-Will recovery Follow? Source: Tradingview.com

Traders @RektCapital considers however, another development for likely: he expects further consolidation after the recent rejection. The popular technical analyst “The Crypto Cactus” (@TheCryptoCactus on Twitter), on the other hand, comments: Important metrics currently speak for Ethereum – you should just buy (e.g. at eToro or Libertex) and ignore the price. On the one hand, the demand for Ethereum is at an all – time high-but at the same time the supply is at an all-time low. Both combined usually drives the price up. Cactus:

“Demand for ETH at all-time high…

The offer for ETH at the all-time low…

Just buy and stop checking the PA (price action).“

Santiment: This is the Bull run key component

Analysts at blockchain data provider Santiment are currently highlighting a” key component ” for the next Ethereum bull run. According to it, the average age of dollars invested in Ethereum has decreased “significantly” in the last week. According to the researchers, this could mean that dormant investments will soon start moving again – and this is necessary to trigger the next bull phase at ETH. Home:

“The curve of the average age of dollars invested in Ethereum has significantly flattened over the past week. That means dormant investments are showing signs of moving significantly again, and it’s one of the key ingredients to spark another $ETH bull run.“

Whales Move Ethereum for Nearly $ 1 Billion

As” Daily Hodl “reports with reference to the crypto tracekr” Whale Alert”, massive Ethereum transfers have just occurred: According to it, so-called whales have moved ETH worth about 1 billion dollars in 15 different transactions. The largest transaction contained 50,000 Ethereum-equivalent to $ 150 million at current prices. True, most transactions went to unknown wallets. However, 26,000 ETH was also transferred to the crypto exchange Binance. This could indicate an upcoming sale of these coins.