{"id":615126,"date":"2024-06-11T12:00:20","date_gmt":"2024-06-11T12:00:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=615126"},"modified":"2024-07-10T13:28:43","modified_gmt":"2024-07-10T13:28:43","slug":"blood-in-the-water-ethereum-whales-circle-as-price-drops","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/blood-in-the-water-ethereum-whales-circle-as-price-drops\/","title":{"rendered":"Blood In The Water? Ethereum Whales Circle As Price Drops"},"content":{"rendered":"

With its second-largest market capitalisation among cryptocurrencies, Ethereum (ETH), has lately presented a confusing picture for investors. On-chain data shows that big investors\u2014often referred to as “whales”\u2014are acquiring ETH, even as its price clearly is declining.<\/a> Though technical signals point to a declining upswing, this might indicate a possible purchasing opportunity and leave Ethereum’s near-term destiny unknown.<\/span>
\n<\/span><\/p>\n

Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat?<\/a><\/p>\n

\"\"
Ether down in the last 24 hours. Source: Coingecko<\/a><\/figcaption><\/figure>\n

Ethereum Whales See Opportunity In Price Dip<\/h2>\n

According to recent NewsBTC<\/a><\/span>\u00a0research, wallets containing more than 10,000 ETH have been progressively accumulating more tokens since May’s conclusion.<\/span> Based on Glassnode statistics, this time of accumulation aligns with Ethereum’s price declining from roughly $3,074 to its present value of $3,670. These big investors’ notable boost in holdings points to their view of the present price drop as a desirable starting point, expecting a future price rise.<\/span>
\n<\/span><\/p>\n

\"\"
Source: Glassnode<\/figcaption><\/figure>\n

Complementing the positive attitude, Netflow statistics for Ethereum from CryptoQuant<\/a> has showed a predominance of negative flows in recent weeks. This indicates more ETH leaving than entering exchanges, a classic sign that investors are hang-on to their ETH rather than selling it.<\/span> This kind of behaviour might lower the current market supply, hence maybe raising long-term pricing trends.
\n<\/span><\/p>\n

Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz<\/a><\/p>\n

\"\"
ETHUSD trading at $37705 on the weekly chart: TradingView.com<\/figcaption><\/figure>\n

Technical Indicators Raise Red Flags<\/h2>\n

Technical indicators show a less favourable picture even with the hopeful signals from whale buildup and outflows.<\/span> For the previous three days Ethereum has been trading in a limited range around $3,600; today it shows a minor drop of about 0.8%. Although the Relative Strength Index (RSI) stays above 50, suggesting a minor rally, it is now declining.<\/span> Should this trend continue and the RSI approach the neutral line, it may point to a possible price drop.
\n<\/span><\/p>\n

\n

The number of #Ethereum<\/a> addresses holding 10,000+ $ETH<\/a> has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com\/7qq5HgGP37<\/a><\/p>\n

\u2014 Ali (@ali_charts) June 9, 2024<\/a><\/p><\/blockquote>\n

The RSI’s negative trend points to dropping momentum, which, should not be reversed, could lead to even more declining price of Ethereum. This bearish technical view contrasts sharply with the positive on-chain data for investors attempting to project the future direction of the market, therefore creating a complex picture.<\/span>
\n<\/span><\/p>\n

\"\"<\/p>\n

Market Awaits A Significant Catalyst<\/h3>\n

The coming of a major trigger seems to define Ethereum’s near-term future. With a good change maybe sparking the upswing again, broader market mood might be rather important. Furthermore acting as a trigger for price change might be forthcoming events or news particular to the Ethereum network. Effective enhancements or more acceptance of distributed apps (dApps) developed on the Ethereum blockchain could inspire fresh investor interest and raise prices.<\/p>\n

Featured image from Harbor Breeze Cruises, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

With its second-largest market capitalisation among cryptocurrencies, Ethereum (ETH), has lately presented a confusing picture for investors. On-chain data shows that big investors\u2014often referred to as “whales”\u2014are acquiring ETH, even as its price clearly is declining. Though technical signals point to a declining upswing, this might indicate a possible purchasing opportunity and leave Ethereum’s near-term destiny unknown. Related Reading: Solana Searching For Direction: Will SOL Break Free Or Fall Flat? Ethereum Whales See Opportunity In Price Dip According to recent NewsBTC\u00a0research, wallets containing more than 10,000 ETH have been progressively accumulating more tokens since May’s conclusion. Based on Glassnode statistics, this time of accumulation aligns with Ethereum’s price declining from roughly $3,074 to its present value of $3,670. These big investors’ notable boost in holdings points to their view of the present price drop as a desirable starting point, expecting a future price rise. Complementing the positive attitude, Netflow statistics for Ethereum from CryptoQuant has showed a predominance of negative flows in recent weeks. This indicates more ETH leaving than entering exchanges, a classic sign that investors are hang-on to their ETH rather than selling it. This kind of behaviour might lower the current market supply, hence maybe raising long-term pricing trends. Related Reading: $2 Billion Crypto Funds Flow Into Market On Rate Cut Buzz Technical Indicators Raise Red Flags Technical indicators show a less favourable picture even with the hopeful signals from whale buildup and outflows. For the previous three days Ethereum has been trading in a limited range around $3,600; today it shows a minor drop of about 0.8%. Although the Relative Strength Index (RSI) stays above 50, suggesting a minor rally, it is now declining. Should this trend continue and the RSI approach the neutral line, it may point to a possible price drop. The number of #Ethereum addresses holding 10,000+ $ETH has increased by 3% in the last three weeks, signaling an important spike in buying pressure! pic.twitter.com\/7qq5HgGP37 \u2014 Ali (@ali_charts) June 9, 2024 The RSI’s negative trend points to dropping momentum, which, should not be reversed, could lead to even more declining price of Ethereum. This bearish technical view contrasts sharply with the positive on-chain data for investors attempting to project the future direction of the market, therefore creating a complex picture. Market Awaits A Significant Catalyst The coming of a major trigger seems to define Ethereum’s near-term future. With a good change maybe sparking the upswing again, broader market mood might be rather important. Furthermore acting as a trigger for price change might be forthcoming events or news particular to the Ethereum network. Effective enhancements or more acceptance of distributed apps (dApps) developed on the Ethereum blockchain could inspire fresh investor interest and raise prices. Featured image from Harbor Breeze Cruises, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":615210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,4854,1946,8686,14781],"class_list":["post-615126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-ether","tag-ethereum","tag-ethusd","tag-whales"],"acf":[],"yoast_head":"\nBlood In The Water? 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/ktsl888.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Blood In The Water? 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