Ethereum Exchange Inflows Trigger Drop Below $2,080: Will It Slide Lower This Week?
27 April 2023 - 9:13PM
NEWSBTC
Ethereum, the second-largest cryptocurrency by market cap, is
facing another bout of turbulence as it experiences a fresh influx
of coins into exchange addresses. According to recent data,
this surge in Ethereum inflows is reminiscent of a similar
occurrence that coincided with a drop in the cryptocurrency’s value
below the $2,080 mark. The question on the minds of traders
and enthusiasts alike is, will this latest wave of inflows lead to
a similar outcome? Related Reading: Render (RNDR): Biggest Gainer
Among Top 100 Cryptos With A 22% Climb Ethereum Inflow Analysis In
the past week, Ethereum experienced a decline of 3.51%, with bulls
barely managing to keep prices above the $2,000 support zone.
However, when Bitcoin was rejected at the $30,000 mark, Ethereum
also saw a drop in value. Despite this bearish trend, the
cryptocurrency managed to post a 1% gain in the last 24 hours and
is currently priced at $1,886 according to CoinMarketCap.
The 30-day MVRV (Market Value to Realized Value) ratio for
Ethereum, which measures the average profit or loss of all
addresses that acquired ETH within the past month, retreated from a
three-month peak in mid-April to negative values at the time of
writing. This drop was a result of intense selling pressure
over the past two weeks, which saw ETH’s value decline from $2,125
to $1,820. The MVRV values indicated that short-term holders of ETH
were at a loss, and that the average age of the coins has not
changed much in the last week, but it has gone up a little bit in
the last few days. Based on the data of exchange inflow over the
past week, it appears that there is a high likelihood of further
selling taking place soon. Source: Santiment Ethereum Could See
Further Losses; Sentiment Bearish Given the current market
sentiment and technical indicators, it’s possible that Ethereum
could see further losses in the coming days. If the bears continue
to dominate the market, the cryptocurrency could break through the
$1800 support level and head towards the $1,600 range. However, if
the bulls manage to gain momentum, Ethereum could potentially see a
price movement towards the $2,000 range. The 4-hour chart shows a
resistance level at $1,890, which, if broken, could lead to a
potential price increase. ETH total market cap currently pegged at
$226 billion on the daily chart at TradingView.com Related Reading:
37 Billion Dogecoin Holdings In Jeopardy: Price Level Investors
Should Watch It’s important to note that cryptocurrency markets are
notoriously volatile and unpredictable, and unexpected events could
always occur that impact the price of Ethereum. As always, traders
should exercise caution and carefully analyze market trends before
making any investment decisions. While Ethereum has experienced
losses in the past week, there is still potential for a price
increase if the bulls manage to gain momentum. However, the current
market sentiment and technical indicators suggest that further
losses could be in store. It remains to be seen how the
market will develop in the coming days and weeks, and traders
should remain vigilant and adapt to changing conditions. -Featured
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