Market
Ethereum Price Hits Roadblock After $1 Billion Exchange Inflow
The value of Ethereum (ETH) sent into exchanges has surpassed $1 billion just two days after the altcoin’s price climbed to $2,600. This sudden influx of ETH onto exchanges often signals a potential shift in market sentiment, as traders may be preparing to cash out on recent gains.
With Ethereum’s price swinging sideways, the question now is whether this inflow will lead to increased selling pressure for one of the market’s top assets.
Ethereum Holders Book Quick Gains
On October 13, Glassnode data revealed that 122,164 ETH were held on exchanges. However, as of this writing, that number has surged to 390,432 ETH. At the current price of ETH, this represents a value of over $1 billion.
Exchange inflow shows the number of coins leaving external wallets and going into centralized platforms. The significant increase in ETH on exchanges could indicate rising selling pressure. Notably, more coins being transferred to exchanges often suggests that holders may be preparing to liquidate their assets.
If sustained, this could have bearish implications for the cryptocurrency’s short-term price movement. Moreover, this development is also another reason ETH’s price might struggle to reach $3,000.
Read more: Ethereum ETF Explained: What It Is and How It Works
A further on-chain assessment suggests that crypto whales have contributed to Ethereum’s recent price decline. According to IntoTheBlock, the large holders’ netflow to exchange ratio has increased over the past seven days.
This ratio offers insight into whale activity. When it decreases, it indicates that whales are withdrawing assets from exchanges, typically signaling a bullish trend as they may be holding long-term.
Conversely, the recent increase in the ratio suggests that these large holders are sending their Ethereum to exchanges, potentially for sale. This increase in exchange inflows from whales is often seen as a bearish sign, as it can create downward pressure on the cryptocurrency’s price.
ETH Price Prediction: $2,440 Pullback Looms
On the daily chart, the Chaikin Money Flow (CMF) has fallen below the zero signal line. The CMF is a technical oscillator that measures accumulation and distribution in the market. When it increases, accumulation dominates, suggesting that the price can increase.
A decrease, on the other hand, indicates a rising level of distribution. For ETH, it is the latter, as the indicator suggests that the cryptocurrency could drop below $2,500.
Read more: Ethereum (ETH) Price Prediction 2024/2025/2030
Should this be the case, Ethereum’s price may decline to $2,440. However, if bulls begin to buy ETH in large volumes again, the cryptocurrency’s value could climb toward $3,018.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
WIF Slide Below $3.582 Sparks Fears Of Further Losses
WIF latest dip below the crucial $3.582 support has triggered concerns across the market, as bearish sentiment appears to be gathering strength. Its break below this key level could pave the way for even greater losses, leaving traders to question whether the bulls can stage a comeback or if further declines are inevitable.
As downside risks grow, this analysis aims to examine WIF’s recent drop below the critical $3.582 support level and explore the potential implications of this bearish shift for future price movement. By assessing current market sentiment, key technical indicators, and possible support zones, we seek to determine whether WIF is positioned for more losses or if a reversal may be on the horizon.
Examining WIF’s Drop Below The Critical $3.582 Support Level
On the 4-hour chart, WIF has recently broken below the $3.582 level, triggering bearish momentum as the price moves toward the $2.896 support range and the 100-day Simple Moving Average (SMA). As the bearish trend develops, the market is closely watching for any signs of stabilization or a deeper slide toward key support zones.
The 4-hour Relative Strength Index (RSI) has dropped from the overbought zone to 53%, signaling a reduction in upward momentum. This move toward neutral territory suggests that buying pressure may be waning, and market participants will be looking for indications of continued decline or a potential shift in momentum.
On the daily chart, WIF is showing strong negative strength, highlighted by a bearish candlestick pattern that has pushed the price below the critical $3.582 support. This pattern indicates that sellers are firmly in control of the market, relentlessly driving the price lower, prompting a strong likelihood of further drops in the near term.
An analysis of the 1-day RSI suggests WIF may face extended losses as it has dropped from a high of 80% to 64%, indicating a reduction in buying pressure. Typically, this decline points to a possible weakness of bullish momentum, with more downward pressure likely if the RSI continues to wane.
Potential Support Zones To Watch If WIF Continues To Drop
If WIF continues to drop, key support zones to watch out for include the $2.896 level, which has previously acted as a critical point for price stabilization. Below this, the next support level to monitor is positioned around $2.257, where WIF may find additional buying interest. A break below these levels could open the door to further declines toward other psychological support zones.
Conversely, if WIF breaks below the $2.896 support level, it could signal the start of a bullish comeback, potentially pushing the price back above the $3.582 level and toward higher resistance points.
Market
Exploring Hottest New Coins: MAYA, Banana, and Jorgie
Since their recent launches, MAYA, Banana, and Jorgie coins have quickly captured significant attention. MAYA debuted on Pumpfun four days ago and now boasts a market cap of $21.4 million and over 36,000 holders.
Banana followed closely, launching three days ago and reaching a market cap of $36.6 million with more than 14,000 holders. Jorgie, launched just two days ago, has already amassed 22,000 holders and a market cap of $14.3 million.
MAYA
MAYA made its debut on Pumpfun almost four days ago before quickly graduating to Raydium. The token has gained significant traction, currently holding a market cap of $21.4 million. In just a few days, MAYA has already attracted over 36,000 holders.
The daily transaction volume for MAYA is also impressive. The coin currently sees more than 114,000 transactions per day.
MAYA has risen nearly 40% in the last 24 hours. Despite this surge, the RSI remains at 42.44, suggesting considerable room for growth. The token’s recent price increase hasn’t yet pushed it into overbought territory, indicating potential for further upside.
Banana for Scale (Banana)
Banana is also in the Solana ecosystem, and it was also launched on Pumpfun, just three days ago. The token has gained a lot of traction, currently boasting a market cap of $36.6 million. In just a few days, Banana has managed to attract more than 14,000 holders.
The daily transaction volume for Banana is notable, with over 32,000 transactions occurring each day for the coin.
Banana’s current RSI is at 58, which means it is still below the overbought threshold of 70. However, with an RSI of 58, its potential for growth might be more limited compared to tokens with a lower RSI. It is not yet in overbought territory, but it is approaching levels that indicate more caution may be warranted for further gains.
Jorgie (MONKEY TAKEN BY POLICE)
Jorgie coin was also launched on Pumpfun, just two days ago. It currently has a market cap of $14.3 million and 22,000 holders.
The daily transaction volume for Jorgie is also impressive, with almost 50,000 transactions occurring each day. However, it’s down 38% in the last 24 hours, which could suggest a good entry point for new investors who like meme coins.
Jorgie’s current RSI is at 44.07, placing it in the neutral zone. This means that while the token is neither oversold nor overbought, there is potential for price movement in either direction. Being in the neutral zone suggests that Jorgie could still experience upward momentum without immediately facing resistance from overbought conditions, leaving room for further growth.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
These Are Today Trending Altcoins: HAMMY, Notcoin, PEPE
Contrary to the performance earlier in the week, several cryptos have slowed down the initial bullish momentum they had. As a result, most of today’s trending altcoins today, November 15, have seen their prices decline.
However, out of the top three, according to CoinGecko, one has gone against the broader trend. This analysis reveals why these altcoins are trending and what’s next for their values. The top three are SAD HAMSTER (HAMMY), Pepe (PEPE), and Notcoin (NOT).
SAD HAMSTER (HAMMY)
SAD HAMSTER has emerged as one of today’s trending altcoins, primarily due to a significant price surge. Over the past 24 hours, HAMMY’s price has skyrocketed by 39%. This remarkable rally followed a post from Elon Musk, who expressed support for a campaign aimed at raising $3 million for hamster health.
This development sparked a wave of buying pressure for HAMMY, which is $0.40 at press time. Further, the daily chart shows that the Bull Bear Power (BBP) has risen to the highest level since September.
When the BBP falls, it means bears are in control, and selling pressure is intense. However, since the reading jump, bulls are putting a lot of pressure on the price. If that continues, HAMMY’s price could rally to the highest level of the wick at $0.55.
On the other hand, if profit-taking increases, this might not happen. Should that be the case, SAD HAMSTER’s price could sink to $0.29.
Pepe (PEPE)
PEPE, the frog-themed meme coin, is also part of today’s trending altcoins due to the recent Coinbase and Robinhood listing. While the price reacted positively to that development on November 13, the last 24 hours have seen the value tank by 13%.
This price drop may be attributed to the broader market decline and increased selling pressure. From a technical standpoint, BeInCrypto also noted that PEPE’s overbought condition contributed to the drawdown.
For instance, the Relative Strength Index (RSI), which measures momentum, has jumped above 70.00, reinforcing the thesis that the altcoin is overbought. Assuming the RSI reading is less than 30.00, it would have been deemed oversold.
Considering the current outlook, the cryptocurrency’s price could drop to $0.000015. But if buying pressure comes into play again, the trend might change, and PEPE could bounce to $0.000026.
Notcoin (NOT)
Like Pepe, Notcoin is trending because of a double-digit decline. In the last 24 hours, NOT’s price has decreased by 12% and trades at $0.0073. This price action contradicts the altcoin’s performance some days back when its value rose by 25%.
On the daily chart, the Notcoin price attempted to rise toward $0.010, but resistance at $0.0076 prevented this. Trading volume around the Telegram-based token has also declined, indicating a drop in market interest.
If this remains the same, the altcoin’s value might decrease to $0.0066. However, this prediction might be invalidated if buying pressure rises. If that happens, the Notcoin could rise to $0.010.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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