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coinpedia 2024-12-26 09:32:23

Why Is Ethereum Down Today? Will It Rise Above $4,000?

Why Is Ethereum Down Today? Will It Rise Above $4,000?

The post Why Is Ethereum Down Today? Will It Rise Above $4,000? appeared first on Coinpedia Fintech News The crypto market does not seem to be recovering soon and investors are still waiting for the Santa Rally. The overall crypto cap has reached $3.32 trillion after falling 3.19% since yesterday. Ethereum has also suffered another hit of around 4% and is currently trading at $3,354.5. Even though the market sentiment is in greed, the market metrics say otherwise. Let’s explore why Ethereum is going down today. Analysing ETH Chart As we check the four hourly charts of Ethereum, it becomes clear that the price has received a heavy rejection from $3,524 zone and moving average 50 did not act as a friend. The MA 20 also failed to provide any support. On December 23, we witnessed a death cross over in this time frame that suggested a price dip which we are looking at right now. Source : Tradingview 10.06% fall in the trading activity suggests that traders are keeping distance from ethereum today. Even though the open interest has seen a surge of around a billion dollars, the long/short ratio is at 0.846. Breaking it down we can see that 54.17% of the total open future trades for ETH are shorts, suggesting the traders are indeed bearish for the price movement. Source : Coinglass Exchange Reserves and ETFS Flow According to the data by CryptoQuant, Ethereum exchange reserves are going down. This means investors are moving their assets from exchanges to cold wallets. This signals the rising confidence in the crypto and an upcoming price rise. At the time of writing, the exchanges only hold 19.05 million ETH tokens. Source : CryptoQuant Farside data revealed that on the last open day of ETFS, i.e. on December 24, they only witnessed an inflow of $53.6 million and there was no outflow. Blackrock’s ETHA received the highest inflow of $43.90 followed by ETHW by Bitwise – $6.19 million and Fidelity’s FETH – $3.45 million. What to expect? Even though the market feels it is going into a bearish mode however, the drop in exchange reserves clearly highlight investors’ confidence. This price might be going down however the momentum is building slowly. People will keep wondering why is Ethereum down today and the market maker will make money from their lack of knowledge. As we discussed in our Bitcoin analysis earlier, the market takes the traders by surprise and when people are bearish, crypto will start to move in the other direction. Only smart investors can predict market movement and play accordingly.

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