{"id":518518,"date":"2023-02-03T13:16:23","date_gmt":"2023-02-03T13:16:23","guid":{"rendered":"https:\/\/ktsl888.com\/?p=518518"},"modified":"2023-02-03T13:16:23","modified_gmt":"2023-02-03T13:16:23","slug":"ethereum-bearish-profit-taking-hits-feb-2021","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-profit-taking-hits-feb-2021\/","title":{"rendered":"Ethereum Bearish Signal: Profit-Taking Hits Highest Level Since Feb 2021"},"content":{"rendered":"

On-chain data shows Ethereum profit-taking has spiked to high levels not seen since February 2021, a sign that could be bearish for the asset’s price.<\/p>\n

Ethereum Profit Taking Rises As ETH Continues To Rally<\/h2>\n

As per data from the on-chain analytics firm Santiment<\/a>, this profit-taking may suggest that the holders don’t believe the rally would last too long. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, measures the ratio between the profit-taking and loss-taking volumes<\/a> in the Ethereum market.<\/p>\n

The metric separates these two volumes by going through the on-chain history of each coin being moved to see what price it was previously sold at. If this last price for any coin was less than the current ETH value, then that particular coin is being sold at a profit now, and so the indicator would count its sale in the profit-taking<\/a> volume.<\/p>\n

Similarly, if the previous price was greater than the latest one, then the coin is currently being moved at a loss, and the transfer contributes to the loss-taking volume.<\/p>\n

Since the indicator takes the ratio between these two volumes, it can tell us whether there is more profit-taking or loss-taking going on in the Ethereum network currently.<\/p>\n

Related Reading: Are Nigerians Really Buying Bitcoin For As High As $34,000?<\/a><\/div>\n

Now, here is a chart that shows the trend in this ratio for Ethereum over the past year:<\/p>\n

\"Ethereum<\/p>\n

The value of the metric seems to have been pretty high in recent days | Source: Santiment on Twitter<\/a><\/pre>\n
As displayed in the above graph, the Ethereum ratio between the transaction volume in profit and that in loss observed a sharp spike above the ‘1’ mark earlier during this rally. This means that a greater amount of profit-taking was happening as compared to the loss-taking back then.<\/p>\n
Soon after this surge, the rally saw a slowdown, suggesting that this selling for profits may have been behind it. In the last couple of days, the cryptocurrency has again made an attempt to continue the upwards momentum, in which the price briefly broke above $1,700<\/a> for the first time in five months.<\/p>\n
Related Reading: Bitcoin and Ethereum Whale Activities Plummet \u2013 Are Whales Getting Bored?<\/a><\/div>\n
With this latest price rise, the ratio’s value seems to have shot up as well, suggesting that investors see this surge as an opportunity to collect their profits. The current level of profit-taking has been even higher than what was observed last month. In fact, the values right now are the highest since February 2021, about two years ago.<\/p>\n
Santiment notes that this trend could suggest traders don’t believe this climb will continue for too long. In the past day, the Ethereum price has already come back to lower levels, implying that the selling may already be showing an effect on the price.<\/p>\n
ETH Price<\/h2>\n
At the time of writing, Ethereum is trading around $1,600, up 4% in the last week.<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of ETH has seen some rise during the past day | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Becca on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Ethereum profit-taking has spiked to high levels not seen since February 2021, a sign that could be bearish for the asset’s price. Ethereum Profit Taking Rises As ETH Continues To Rally As per data from the on-chain analytics firm Santiment, this profit-taking may suggest that the holders don’t believe the rally would last too long. The relevant indicator here is the “ratio of daily on-chain transaction volume in profit to loss,” which, as its name already implies, measures the ratio between the profit-taking and loss-taking volumes in the Ethereum market. The metric separates these two volumes by going through the on-chain history of each coin being moved to see what price it was previously sold at. If this last price for any coin was less than the current ETH value, then that particular coin is being sold at a profit now, and so the indicator would count its sale in the profit-taking volume. Similarly, if the previous price was greater than the latest one, then the coin is currently being moved at a loss, and the transfer contributes to the loss-taking volume. Since the indicator takes the ratio between these two volumes, it can tell us whether there is more profit-taking or loss-taking going on in the Ethereum network currently. Related Reading: Are Nigerians Really Buying Bitcoin For As High As $34,000? Now, here is a chart that shows the trend in this ratio for Ethereum over the past year: The value of the metric seems to have been pretty high in recent days | Source: Santiment on Twitter As displayed in the above graph, the Ethereum ratio between the transaction volume in profit and that in loss observed a sharp spike above the ‘1’ mark earlier during this rally. This means that a greater amount of profit-taking was happening as compared to the loss-taking back then. Soon after this surge, the rally saw a slowdown, suggesting that this selling for profits may have been behind it. In the last couple of days, the cryptocurrency has again made an attempt to continue the upwards momentum, in which the price briefly broke above $1,700 for the first time in five months. Related Reading: Bitcoin and Ethereum Whale Activities Plummet \u2013 Are Whales Getting Bored? With this latest price rise, the ratio’s value seems to have shot up as well, suggesting that investors see this surge as an opportunity to collect their profits. The current level of profit-taking has been even higher than what was observed last month. In fact, the values right now are the highest since February 2021, about two years ago. Santiment notes that this trend could suggest traders don’t believe this climb will continue for too long. In the past day, the Ethereum price has already come back to lower levels, implying that the selling may already be showing an effect on the price. ETH Price At the time of writing, Ethereum is trading around $1,600, up 4% in the last week. Looks like the value of ETH has seen some rise during the past day | Source: ETHUSD on TradingView Featured image from Becca on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":518530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,86499,87760,8686],"class_list":["post-518518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-bearish-signal","tag-ethereum-profit-taking","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum Bearish Signal: Profit-Taking Hits Highest Level Since Feb 2021<\/title>\n<meta name=\"description\" content=\"On-chain data shows Ethereum profit-taking has spiked to high levels not seen since February 2021, a sign that could be 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Bearish Signal: Profit-Taking Hits Highest Level Since Feb 2021","url":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-profit-taking-hits-feb-2021\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/ethereum\/ethereum-bearish-profit-taking-hits-feb-2021\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","ethereum","ethereum bearish signal","ethereum profit taking","ethusd"],"dateCreated":"2023-02-03T13:16:23Z","datePublished":"2023-02-03T13:16:23Z","dateModified":"2023-02-03T13:16:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Bearish Signal: Profit-Taking Hits Highest Level Since Feb 2021\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-bearish-profit-taking-hits-feb-2021\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/ethereum\\\/ethereum-bearish-profit-taking-hits-feb-2021\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"ethereum\",\"ethereum bearish signal\",\"ethereum profit taking\",\"ethusd\"],\"dateCreated\":\"2023-02-03T13:16:23Z\",\"datePublished\":\"2023-02-03T13:16:23Z\",\"dateModified\":\"2023-02-03T13:16:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/02\/becca-_r6w0R6SueQ-unsplash-scaled.jpg?fit=2560%2C1903","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518518"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=518518"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/518518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/518530"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=518518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=518518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=518518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}