As a seasoned researcher with a decade-long journey through the ever-evolving crypto landscape, I find myself cautiously observing the recent developments in Ethereum’s market trends. The death cross and rising exchange reserves, as highlighted by ShayanBTC, are indeed concerning signals.
In simpler terms, the significant cryptocurrency Ethereum has experienced a ‘death cross’ event in its daily chart. This technical indicator suggests that its short-term growth trend has dropped beneath the long-term trendline, potentially indicating a bearish outlook for the near future.
Based on the analysis by CryptoQuant’s contributor ShayanBTC, escalating Ethereum exchange holdings might serve as a cause for concern among Ethereum optimists.
The “Ethereum Exchange Reserve” figure, which is closely monitored, indicates that a significant increase in Ethereum tokens stored in multiple exchanges is taking place. This trend is often seen as a bearish sign because it suggests a greater likelihood of increased selling pressure.
Instead, when there’s a significant rise in the amount of stablecoins held on exchanges, it often indicates a bullish trend because it suggests strong demand for purchasing, which could lead to increased prices.
According to the analyst, the primary alternative cryptocurrency appears to be in a stage right now where it’s being distributed widely.
A standard market cycle consists of stages like the accumulation phase, the markup phase, the distribution phase, and the markdown phase. In the distribution phase, some investors may choose to sell their holdings to realize profits. This phase is known for reduced volatility and weak price growth, often leading people to believe it’s a sign of an upcoming bear market.
Based on the Ethereum Fear & Greed Index, we’re currently in a ‘fear’ state as the cryptocurrency has a score of 30 points out of 100.
1) Right now, the altcoin is being traded at a price of $2,521, having increased by 2.3% over the last day, as per information from CoinGecko. Contrary to expectations following the launch of spot ETFs, Ethereum did not surge as anticipated due to lackluster outflows, as detailed by U.Today.
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2024-09-02 18:48