Ethereum
Is Ethereum Headed For Trouble? Analyst Warns Of Surging Exchange Reserves
Ethereum, the second-largest cryptocurrency by market capitalization, has been under significant pressure in recent weeks. As its price continues to fluctuate, analysts have been observing its market signals to determine whether the current phase is one of accumulation or distribution.
According to a recent analysis by CryptoQuant analyst Shayan, the Ethereum exchange reserve metric, which tracks the amount of ETH held in exchange wallets, is providing insights into this question.
What Does The Ethereum Exchange Reserve Currently Signals?
Shayan disclosed in the analysis shared in a post on the CryptoQuant QuickTake platform that the Ethereum exchange reserve metric has shown a notable upward trend between June and August, indicating a distribution phase that has contributed to the ongoing bearish trend.
This metric is particularly noteworthy given that coins held on exchanges are often considered ready for sale, which can lead to increased selling pressure.
According to Shayan, the recent “death cross” on Ethereum’s price chart, where the 100-day moving average crossed below the 200-day moving average, has raised further concerns.
Following this technical signal, the exchange reserve metric has risen sharply, suggesting that another distribution phase may be unfolding.
The analyst noted that this increase in reserves on exchanges could point to a potential decrease in demand for Ethereum, which might lead to further price declines. However, Shayan noted that the state of the futures market, a critical factor in price determination, must also be analyzed before making “definitive conclusions.”
Exchange Reserves Signal New Distribution Phase Amidst Death Cross Concerns
“Ethereum reserves on exchanges continue to grow, the likelihood of a decrease in demand—and consequently, a further price decline—also increases.” – By @ShayanBTC7
Link https://t.co/HKaeDBsss3 pic.twitter.com/K6mMDmtnBH
— CryptoQuant.com (@cryptoquant_com) September 2, 2024
Ethereum’s Price Action and Market Sentiment
Despite the concerning signals from the exchange reserve metric, Ethereum has managed to stage a modest recovery over the past day.
The cryptocurrency has seen a 2.2% increase, bringing its current trading price to $2,515 at the time of writing. However, this uptick does little to offset the 7% decline Ethereum has experienced over the past week.
Renowned crypto analyst CrediBull, commenting on Ethereum’s recent price action, emphasized that the situation is still evolving. He noted:
Nothing has really changed on ETH here. We went a bit lower, but OI has simply decreased even more, funding is negative, and we are simply back at our local lows.
CrediBull suggests that Ethereum might sweep the lows into local demand before forming a deviation and potentially moving higher.
He also warned against overreacting to short-term volatility, stressing the importance of managing risk and sticking to plan if the fundamental market conditions haven’t significantly changed.
Featured image created with DALL-E, Chart from TradingView
Ethereum
Ethereum Prognose: Vorübergehende Schwäche und Chance?
Ethereum zählt nicht umsonst zu den wichtigsten Kryptowährungen der Welt. Die aktuelle Nummer 2 der Kryptowelt punktet vorwiegend mit seinen Anwendungen für ein dezentralisiertes Finanzwesen.
Hier stehen die sogenannten „Smart Contracts“ im Mittelpunkt des Interesses der Wirtschaft. Die „automatisierten“ Verträge benötigen keine zentrale Instanz mehr und schließen Banken zunehmend aus dem Finanzkreislauf aus.
Kurskorrektur vor dem nächsten Aufschwung
Angesichts dieser Innovation ist es nicht verwunderlich, dass das Ethereum-Netzwerk als zukunftssicher gilt. Trotzdem musste dessen Kryptowährung Ether zuletzt einen Einbruch von rund 10 Prozent hinnehmen. Jetzt befürchten die Anleger einen weiteren Kursrutsch.
Angesichts der bevorstehenden Amtsübernahme von Donald Trump in den USA hatten viele Investoren gehofft, dass es ab sofort nur noch bergauf gehen würde. Doch der Backlash kam, wie erwartet, schließlich gehören Korrekturen zur hohen Volatilität bei Kryptos.
Zusätzlich sorgte ein Ethereum-Wal für Unruhe, er schien die Geduld verloren zu haben und trennte sich von einem Teil seiner Positionen und nahm damit sogar Verluste in Kauf. Das ist erstaunlich, schließlich scheint die Krypto-Zukunft zumindest auf dem Papier rosig zu sein.
Kursgewinne vorweggenommen
Ethereum kann schließlich, genau wie Bitcoin, auf die ersten zugelassenen Spot-ETFs verweisen, die für eine stärkere Durchdringung der Märkte mit Ether sorgen sollten. Der ehemals unerbittliche Gegner Gary Gensler, seines Zeichens Chef der amerikanischen Wertpapierbehörde SEC, ist zurückgetreten und Donald Trump will alles unternehmen, um Krypto in den USA zu stärken.
Trotzdem zeigt Ethereum Schwäche und ist von seinem Allzeithoch weit entfernt. Mit der Zulassung des ersten ETH-Spot-ETFs stieg der Kurs zwar kurzfristig über die 4.000-Dollar-Marke, doch seither ging es bergab.
Lediglich vor einer Woche erlebte Ethereum wieder einen Aufstieg, der jedoch nur von kurzer Dauer war. Doch diese Entwicklung war auch bei der Zulassung der ersten Bitcoin-Spot-ETFs zu beobachten.
Die Märkte hatten die erhofften Kurssteigerungen schon zuvor vorweggenommen und benötigten einige Zeit, um die weiteren Entwicklungen zu analysieren und darauf zu reagieren. Das wird bei Ethereum offenbar nicht anders sein.
Neuer Schub nach Amtseinführung von Trump?
Die Geschichte von Ethereum zeigt jedenfalls, dass sich ETH im Januar eines Jahres zumeist als bullish erweist. Angesichts dieser Historie käme es nicht überraschend, wenn der Coin in den nächsten zwei Wochen wieder zulegen würde.
Zahlreiche Analysten zeigen sich jedenfalls optimistisch, dass mit der Inkraftsetzung der ersten Deregulierungsmaßnahmen der neuen US-Regierung der Kryptomarkt und damit auch Ethereum wieder deutliche Kursgewinne einfahren werden.
Alternative Solaxy
Wer als Investor hingegen eine Alternative zu Ethereum sucht, der könnte einen Blick auf den neuen Meme-Coin Solaxy ($SOLX) werfen. Dieser absolviert derzeit seinen Presale auf Ethereum, bildet jedoch aufgrund seiner technischen Ausgestaltung eine Brücke zur Blockchain von Solana.
Dort nutzt er als Multi-Chain-Coin günstige Kosten und Geschwindigkeit, um das Beste aus beiden Welten für sich zu generieren. 10 Millionen Euro sind innerhalb kürzester Zeit in das neue Projekt geflossen, das beweist, dass die Anleger an die Idee von Solaxy glauben.
Mit einem Preis von nur 0,0016 Dollar für 1 Solaxy ($SOLX) ist der Token noch preiswert, das könnte sich dramatisch ändern, wenn der Coin erst einmal auf einer der Kryptobörsen zum Kauf gelistet wird.
Alle Informationen zu Solaxy ($SOLX) finden sich auf den entsprechenden Seiten von X und Telegram.
Ethereum
Ethereum Whales Absorb $1M Loss As Market Caution Intensifies
They say journalists never truly clock out. 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 – 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’ 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 – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Ethereum
Ethereum Challenged By Bearish Forces As Altcoin Eyes $3,051 Support
Ethereum has faced significant selling pressure in recent trading sessions as broader market trends turn more bearish. After attempting to break above key resistance levels, ETH has encountered hurdles that suggest the prevailing trend is shifting toward a more negative outlook. As the price begins testing the $3,051 support, a potential breakdown could signal a deeper pullback, which might push ETH toward lower support levels.
Key factors contributing to this bearish sentiment include weakening buying interest, market-wide retracements, and technical indicators signaling further downside risks. Ethereum’s failure to maintain upward momentum, especially after hitting resistance, suggests that the bulls may be losing control, leaving the bears in the driver’s seat.
The $3,051 level is critical for the altcoin’s short-term outlook. If the price fails to hold above this support, it could accelerate the downward move, possibly targeting the next support zone. However, if ETH stabilizes here and shows signs of a bullish reversal, it may regain upward momentum and resume its recovery.
Technical Signals Point To Bearish Shift: What’s Next For ETH?
Ethereum’s technical indicators are painting a concerning picture of the cryptocurrency’s short-term outlook. The price action has struggled to break through key resistance levels, and recent downward movements suggest that the bulls may have lost control.
As of the time of writing, ETH’s price is still trading below the 4-hour Simple Moving Average (SMA), which suggests bearish pressure is still prevailing in the market. The 4-hour SMA serves as a short-term trend indicator, and when the price is below it, it typically indicates that selling pressure is dominating the market.
This failure to break above the SMA highlights the ongoing struggle for Ethereum to reclaim bullish momentum. Until ETH rises above and closes above the SMA, the downside risks remain intact, and the bears are likely to maintain control.
Furthermore, ETH’s Relative Strength Index (RSI) has been persistently staying within the bearish zone, reinforcing the negative outlook for Ethereum. Typically, an RSI reading below 50% indicates a lack of upward strength, implying that selling pressure outweighs buying interest in the market. In Ethereum’s case, the sustained positioning in the bearish zone signals that bulls are struggling to gain traction and push the price higher.
Can Ethereum Defend Against The Bears?
Currently, Ethereum’s price is approaching a crucial support level at $3,051, which has become a key point to watch as bearish pressure mounts. This support zone represents a potential floor for Ethereum, and its ability to hold above this level will be pivotal in determining the asset’s next move.
A successful defense of $3,051 could stabilize the price and spark a rebound toward the $3,360 resistance as it may encourage buyers to step in and halt more declines. However, if Ethereum fails to maintain this support and breaks below it, the bearish momentum might intensify, pushing the price toward lower levels.
Featured image Unsplash, chart from Tradingview.com
-
Regulation24 hours ago
US judges demand explanation from the SEC for its refusal to set clear crypto rules
-
Regulation15 hours ago
Acting SEC Chair Uyeda announces new crypto task force
-
Regulation13 hours ago
Turkey rolls out new crypto AML regulations
-
Ethereum10 hours ago
ETH breaks $3,900 as Bitcoin spikes past $103k
-
Regulation17 hours ago
Tether’s market capitalisation slips as MiCA regulations kick in
-
Blockchain17 hours ago
Jordan Adopts Blockchain Policy To Propel Government Into The Future
-
Regulation9 hours ago
Bitpanda becomes first European firm to secure Dubai VARA in-principle approval
-
Market7 hours ago
Weekly Price Analysis: Bitcoin Remains Rangebound while Altcoins Fly