Despite the ongoing retracement in the prices of Bitcoin, Ethereum, and other top cryptocurrencies, investors remain highly optimistic about this market. ETH, especially, has benefited from traders, with data from leading crypto exchange Bitfinex indicating that there are more long positions open for Ethereum than ever before.
“What. Is. Happening. 2.2% of all ETH in existence is now margin long on Bitfinex, an increase of 160% since ~February,” one trader explained in reference to the chart below.”
Chart of Ethereum longs on Bitfinex (ETHUSD and ETHBTC) from crypto trader Jonny Moe (@JonnyMoeTrades on Twitter).
Yet there are signs that this investment activity could end poorly for long position holders.
Related Reading: There’s an Unexpected Silver Lining to J.K. Rowling’s Bitcoin Tirade
#1: Exchanges Are Holdinging More Ethereum Than Ever Before
The Ethereum holdings of crypto exchanges are “basically at all-time highs,” recently reaching approximately 18 million coins, according to a prominent crypto analyst.
According to him, this is potentially a bearish sign for ETH, likely referencing how it indicates that investors are looking to sell the cryptocurrency for other tokens or fiat.
“ETH balances are basically at all-time highs, and are up 132k ETH (~26M) since Black Thursday… My interpretation here is that it’s bullish for btc/bearish eth,” he wrote in a Twitter thread on the subject of cryptocurrencies that exchange wallets hold.
Data shared by crypto analyst Ceteris Paribus (@Ceterispar1bus on Twitter).
#2: Technical Outlook for Ethereum Is Weak
As noted by NewsBTC earlier today, Ethereum’s monthly chart just printed a textbook “Doji” candle, which signals that “indecision is present in the market” because “buyers and sellers are demonstrating a similar amount of strength.”
Doji candles can signal a pause and potential subsequent reversal in a market trend. With ETH rallying over the past two months, the Doji could be seen as a sign of bearish indecision in an uptrend.
Chart from TradingView.com
That’s far from it.
According to a prominent crypto trader, recently, ETH fell below a crucial level of support that has held four separate times over the past month, increasing the chances that a “larger correction” is coming.
Chart of Ethereum’s recent price action from Credible Crypto (@CredibleCrypto on Twitter). The chart shows that the leading cryptocurrency recently lost a level of support that has held four separate times over the past three weeks, not boding well for the bull case.
#3: Altcoins Are Bearish
To put a cherry on top of the crypto cake, analysts are growing increasingly bearish on altcoins as an asset class.
Brave New Coin’s Josh Olsewicz observed just last week that the chart of Bitcoin dominance — the percentage of the crypto market made up of BTC as opposed to altcoins — printed a textbook golden cross.
Investopedia notes that a golden cross takes place when a “relatively short-term moving average crosses above a long-term moving average,” and is often followed by a “bullish breakout.”
Related Reading: Crypto Tidbits: Bitcoin Halving, Reddit Using Ethereum, JP Morgan Dabbles in Crypto
Featured Image from Shutterstock origin »
Ethereum's price drops 10.40%, nearing $2,000 support, while whales accumulate 330,000 ETH, signaling potential rebound.
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Ethereum’s weekly Stochastic RSI crossover is deeply oversold, a setup that has historically triggered major pumps.
Is another breakout imminent?
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Ethereum price has recovered from lows of $2,619 to trade above $2,728. Incidentally, ETH price as jumped by more than a percentage in the past 24 hours. The gains come amid a spike in daily volume, with data showing the global trading volume on the Ethereum network hit $20 billion. While ETH remains below the […]
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The ETH price action across timeframes showed weakness from buyers.
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Ethereum’s large holder netflows surged from -109,160 ETH to 174,000 ETH over the last four days
Whale accumulation below $3,000 also coincided with rising inflows to Spot Ethereum ETFs
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Ethereum (ETH) has surged from $3,050 to $3,400 in less than three days, igniting fresh optimism among investors who believe ETH is poised for significant gains this year. After weeks of uncertainty and selling pressure, Ethereum’s latest price action has renewed bullish sentiment, with analysts predicting further upside.
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ETH/BTC ratio at 0.03124 showed an institutional preference shift as World Liberty's ETH holdings reached the $140M mark.
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Ethereum (ETH) recently faced a correction that prevented it from breaching the $3,711 barrier, pulling the altcoin king below $3,200. This 15% decline has triggered reduced activity among ETH investors, a positive sign that could support Ethereum’s recovery.
Ethereum (ETH) торгуется ниже $3 500 уже семь дней, что является следствием более широких медвежьих настроений на крипторынке. Цена упала на 13% от максимума $3 744, достигнутого 6 января Несмотря на недавнее падение цены ETH, ключевые ончейн-индикаторы показывают, что держатели Ethereum сохраняют оптимизм в отношении краткосрочных перспектив альткоина.
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Concentrated ownership risks price manipulation, volatility, and decentralized governance erosion
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Ethereum has plunged 12% this week, mirroring the broader struggle as altcoins face double-digit losses.
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Ethereum has plunged 12% this week, mirroring the broader struggle as altcoins face double-digit losses.
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A $0. 175 presale coin, Rexas Finance (RXS), is attracting much interest in the crypto scene. A growing number of analysts think it might copy or even outperform Ethereum’s (ETH) past bull run.
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Ethereum ETFs saw a $515 million weekly record inflow.
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Ethereum (ETH) appears to be finally waking from its slumber, surging nearly 37% in the past week following Bitcoin’s (BTC) all-time-high (ATH) rally. Spot Ethereum ETFs Record Daily Inflows Ethereum, the second-largest cryptocurrency with a market cap of approximately $404 billion, is now gaining ground on BTC, with the platform’s ETH token jumping more than 35% over the past week.
The latest cryptocurrency investment of a US legislator, who bought Ethereum (ETH) when its price dropped below $3,000, is generating headlines. Representative Michael Collins has reportedly taken advantage of the dip by purchasing between $1,000 and $15,000 worth of Ethereum.
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For years, Ethereum has established itself as the second-best competitor to Bitcoin regarding technology, innovation, and use cases. If many consider Bitcoin as ‘digital gold,’ Ethereum would be ‘digital silver.
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On-chain data shows the Ethereum adoption rate has hit a four-month high, which could be bullish for the cryptocurrency’s price. Ethereum Network Growth Has Shot Up Recently According to data from the on-chain analytics firm Santiment, the ETH blockchain has recently created many wallets.
Ethereum (ETH) is currently facing significant selling pressure and fear after a 23% decline, bringing its price down to yearly lows at $2,200. One major concern for investors is the ongoing underperformance of ETH compared to Bitcoin, a trend that has persisted since September 2022.
