As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset markets, I find myself cautiously optimistic about Ethereum’s current trajectory. Having witnessed multiple price swings and market cycles, I can say that the recent inflow of 150,000 ETH to exchanges is indeed concerning but not necessarily a harbinger of doom.
As reported by IntoTheBlock, more than 150,000 units of Ethereum have been transferred to trading platforms within the last 24 hours, which represents the greatest daily deposit amount since January. This significant influx has sparked speculation about an impending Ethereum sell-off.
As a crypto investor, I’ve observed that when IntoTheBlock mentions significant inflows, it usually signals increasing selling pressure. This could be because investors are seeking to cash in on recent price gains or mitigate potential losses.
On Thursday, cryptocurrencies experienced growth alongside a broader market surge. This growth occurred a day following the Federal Reserve’s decision to reduce interest rates by 0.5%, marking the first reduction in over four years; Ethereum, in particular, increased by over 6%.
As per CoinMarketCap figures, the value of Ethereum stood at $2,544, an increase of 4.7%, as of the time this writing. This rise started prior to the central bank’s decision on Wednesday and, if it maintains this trend today, Ethereum could mark its fourth consecutive daily gain since September 17th.
As a researcher, I’m observing that the current selling pressure appears to be getting absorbed by the Ethereum market right now. It’s interesting to note that strategies among ETH holders are showing some variation at this point in time.
As per CryptoQuant’s analysis, it seems that Ethereum (ETH) addresses carrying large balances of 100,000 ETH or more, as well as retail investors, are currently inactive. On the other hand, addresses holding between 10,000 ETH and 100,000 ETH are purchasing, albeit at a gradual rate. Interestingly, addresses with balances ranging from 100 ETH to 1,000 ETH continue to sell ETH consistently.
What’s next for ETH price?
If Ethereum’s price remains above its 50-day Simple Moving Average (SMA) at approximately $2,540, it might suggest that the bears are starting to weaken their control over the market. Today’s trading saw Ethereum reach a peak of $2,573.
As a crypto investor, I’m keeping a close eye on the Ethereum (ETH) price action to determine if it can sustain above its current level and potentially rise towards $2,850. To suggest a potential shift in trend, buyers need to successfully break through this resistance level first.
Keep an eye out for $2,250 as it’s a notable resistance level. If this level can’t hold, the selling pressure could intensify, potentially causing Ethereum to drop beneath $2,111 and eventually reach $2,000.
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2024-09-20 15:28