Ethereum (ETH) Price Is a Tad Bit Away From Triggering Accumulation  

2024-7-8 18:20

Ethereum’s (ETH) price has barely pulled itself together after a devastating week, and investors seem to want to jump back in.

However, looking at the market’s conditions, it would be wise to hold off for now and wait until the right buying opportunities are present.

Ethereum Accumulation Is Not Ideal

Ethereum’s price has just returned above $3,000, and many consider this an accumulation opportunity. However, despite the slight price rise, the broader market cues are still bearish.

One of these is the fact that the most influential cohorts of any asset, the whales, are vanishing from the network. This is observed in the total addresses with balances of more than $100,000 and $1 million.

Within a week, the total number of whales has declined by 14% from 150,000 to 130,000. This is not HODLing or selling but a straight-up exit, which is concerning.

Read More: How to Invest in Ethereum ETFs?

Ethereum Whale Addresses. Source: Glassnode

On the other hand, the Market Value to Realized Value (MVRV) ratio presents an opportunity. The MVRV ratio assesses investor profit or loss. Ethereum’s 30-day MVRV sits at -10.4%, signaling losses and potentially prompting accumulation. Historically, ADA corrections occur within the -5% to -13% MVRV range, labeling it an opportunity zone.

Ethereum MVRV Ratio. Source: Santiment

However, even with ETH in the opportunity zone, another factor, in addition to the whales’ disappearance, must be considered.

ETH Price Prediction: Securing the Support Floor

While above $3,000, Ethereum’s price has still not secured the 23.6% Fibonacci Retracement line as support. This line is also known as the bear market support floor, and flipping it could enable recovery.

Following this, investors can begin accumulating, which would increase their chances of seeing profits again. Until then, it would be wise to practice caution.

Read More: Ethereum (ETH) Price Prediction 2024/2025/2030

Ethereum Price Analysis. Source: TradingView

This is because, in the uncertain event where Ethereum’s price dips below $3,000 again, it could slide to $2,800. This would lead to consolidation for ETH and also invalidate the bullish thesis.

The post Ethereum (ETH) Price Is a Tad Bit Away From Triggering Accumulation   appeared first on BeInCrypto.

origin »

Bitcoin price in Telegram @btc_price_every_hour

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: -2.75 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 467.1 (-100%)

accumulation ethereum price triggering away tad eth

Источник: beincrypto.com

accumulation ethereum → Результатов: 126


Ethereum Accumulation Rises As 70% Holders Are In Profit: What It Means For ETH Price?

According to an analysis from on-chain analytics firm CryptoQuant, the total Ethereum (ETH) amount in accumulation wallets has surged to over 19 million. Ethereum Accumulation Continues To Surge The analysis shared by verified CryptoQuant analyst, Burak Kesmeci, indicates that more than 19 million ETH is now held by the so-called “accumulation addresses.

2024-10-22 07:30


Фото:

Ethereum Enters Accumulation Phase, Ignites Bullish Consolidation After Reaching Oversold Territory

According to Kraken Exchange, the current price of Ethereum is 40% below its all-time high of $4,900, and the cryptocurrency has recently reached the “oversold” territory. From the perspective of fundamental analysis, it implies that its price is already under the justifiable market level, thus creating additional opportunities for long-term investors. In particular, strategic crypto […]

2022-2-4 13:56


Фото:

Shiba Inu Springs Up As Whale Adds A Whopping 4 Trillion SHIB To Its Portfolio

Shiba Inu (SHIB), a popular meme coin and Dogecoin competitor, remains a solid buy for its biggest investors despite a lackluster price action in recent days. An Ethereum whale has just purchased an eye-popping 4 trillion Shiba tokens as the price of the meme-inspired cryptocurrency sees a massive surge today. Record SHIB Accumulation By Whales […]

2021-12-22 23:36


Фото:

Parabola Imminent: Ethereum’s Accumulation Range was Bigger Than BTC’s

Ethereum is rapidly approaching the crucial $600 level that has long been a pivotal point for its various trends This level has held strong on multiple occasions as resistance, which would make any break above it technically significant One trader is now noting that a serious move higher could be imminent for Eth in the near-term He points to a macro accumulation range that Ethereum is just starting to exit, noting that it was within […]

2020-12-14 01:00


дальше еще 77 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Will Ethereum (ETH) Price Fall to $1,000 in April?

Ethereum teeters near key levels, facing mounting bearish pressure and potential $342M liquidations as TVL and price momentum weaken. The post Will Ethereum (ETH) Price Fall to $1,000 in April? appeared first on BeInCrypto.

What To Expect From Ethereum (ETH) in April?

Ethereum's price and network activity took a hit after a tough March, but experts suggest that market sentiment and macroeconomic trends will likely dictate its performance in April. The post What To Expect From Ethereum (ETH) in April? appeared first on BeInCrypto.

Ethereum (ETH) Struggles to Break Out as Bearish Trend Slowly Weakens

Ethereum is showing signs of easing bearish pressure, with whales starting to accumulate and price attempting to break resistance. Still, traders remain cautious ahead of key macro triggers. The post Ethereum (ETH) Struggles to Break Out as Bearish Trend Slowly Weakens appeared first on BeInCrypto.