CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2024-12-17 01:52:50

Ethereum (ETH) Bearish Signal: Is $3,500 the Next Target?

The post Ethereum (ETH) Bearish Signal: Is $3,500 the Next Target? appeared first on Coinpedia Fintech News Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is showing signs of a potential price decline after recent bearish price action. In addition to the price action, whales and industry experts seem to be losing interest in the altcoin, as revealed by the on-chain analytics firms IntoTheBlock and CryptoQuant. Will ETH Price Decline? Recently, ETH experienced a price surge of over 15% and hit the $4,100 mark for the first time since March 2024, where it faced selling pressure and a notable price decline. Historically, ETH has reached this level five times, and each time, it has encountered a price decline and significant selling pressure. Ethereum (ETH) Rising Exchange Reserve This time, looking at past trends whales and long-term holders appear to continue depositing their ETH to exchanges, as revealed by CryptoQuant’s ETH exchange reserve metrics. Data shows that exchange reserves have increased by nearly 100k ETH worth $400 million which could signal increased selling pressure as the price nears a six-month high. Source: CryptoQuant Rising Unstaking Activity In addition to the rising exchange reserves, whales have begun withdrawing tokens from staking, suggesting they are gradually taking profits due to the recent price surge or indicating a loss of interest in holding ETH long-term. This is evidenced by the recent activity of Justin Sun, the founder of Tron. On December 16, 2024, the whale transaction tracker Spotonchain shared a post on X (formerly Twitter) stating that Sun’s linked wallet address requested to withdraw 52,905 ETH, worth $209 million, from the staking protocol Lido Finance. Source: Previously Twitter Ethereum (ETH) Technical Analysis and Key Levels According to expert technical analysis, ETH appears to be forming a bearish double-top price action pattern at the strong resistance level of $4,100. In addition to the double-top pattern, ETH’s Relative Strength Index (RSI) is falling, indicating a bearish divergence, which further suggests a price decline and increased selling pressure. Source: Trading View Based on the recent price action, there is a strong possibility that ETH could decline by 12% to reach the $3,500 level in the future. Current Price Decline At press time, ETH is trading near the $3,970 level and has experienced a modest price decline of 0.80% in the past 24 hours. During the same period, its trading volume has soared by 60%, indicating heightened participation from crypto enthusiasts amid the recent price surge.

Leggi la dichiarazione di non responsabilità : Tutti i contenuti forniti nel nostro sito Web, i siti con collegamento ipertestuale, le applicazioni associate, i forum, i blog, gli account dei social media e altre piattaforme ("Sito") sono solo per le vostre informazioni generali, procurati da fonti di terze parti. Non rilasciamo alcuna garanzia di alcun tipo in relazione al nostro contenuto, incluso ma non limitato a accuratezza e aggiornamento. Nessuna parte del contenuto che forniamo costituisce consulenza finanziaria, consulenza legale o qualsiasi altra forma di consulenza intesa per la vostra specifica dipendenza per qualsiasi scopo. Qualsiasi uso o affidamento sui nostri contenuti è esclusivamente a proprio rischio e discrezione. Devi condurre la tua ricerca, rivedere, analizzare e verificare i nostri contenuti prima di fare affidamento su di essi. Il trading è un'attività altamente rischiosa che può portare a perdite importanti, pertanto si prega di consultare il proprio consulente finanziario prima di prendere qualsiasi decisione. Nessun contenuto sul nostro sito è pensato per essere una sollecitazione o un'offerta