A Bullish Indicator Reflects Ethereum(ETH) Price To Stabilize Soon, But Till When?
The post A Bullish Indicator Reflects Ethereum(ETH) Price To Stabilize Soon, But Till When? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
With the bitcoin price trembling down most of the popular assets tend to undergo a notable downtrend. The second-largest crypto Ethereum is also following a deep downtrend and hovering below $3800. The asset lost as much as 10% of its value during the previous day’s trade that ended on a bearish note. However, despite the downbeat getting heated up, yet the chances of a fair reversal are still alive.
Trades Long ETH/USD Pair
The long positions were liquidated heavily a month ago and since then no notable longs were open. However, ever since the asset slides below $4000, the traders are entered into long trade constantly. A whale is suspected to have opened a long trade on ETH/USD pair on Bitfinex after a pretty long gap. And hence a price reversal has been speculated from this move.
Ethereum Exchange Reserves Deplete
The reserves on the exchanges indicate the upcoming move of the asset. As if the reserves increase, then the asset could face a notable plunge as the traders are liquidating the asset. However, on the contrary, the depleting reserves signify the increased rate of holdings in the wallet. And hence could be a bullish indicator. Currently, as per Santiment, ETH addresses on the exchange are at the lowest point and the top 10 non-exchange wallet addresses are increasing rapidly. Hence indicating the HODL sentiment flourishing within the space.
— Santiment (@santimentfeed) December 14, 2021
The 10 largest #Ethereum addresses on exchanges hold a cumulative 3.82M $ETH, which is the lowest level since exodus. Meanwhile, the top 10 largest non-exchange addresses hold a cumulative 24.78 $ETH, closing in on the 26.63 $ETH #ATH in June, 2016. https://t.co/0Evh1k02R9 pic.twitter.com/yPGhXswE7r
Collectively, Ethereum is considered one of the secure investments among all the crypto assets. While many surges and plunge with a huge margin, yet some assets like ETH price choose to undergo a slow yet steady rally. And hence the current downtrend is expected to ease very soon so that the asset resumes its rally towards the $5000 target very soon.
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