Ethereum (ETH) is losing altitude due to increasing sales activities of long -term owners (LTHs). However, the purchase strategy of whales from the bottom supports ETH. Crypto analyst Michael Ebiekutan ‘ According to,If the sales tendency persists, the crypto currency price may fall to the support level of around $ 2,200.
Mixed emotions prevail between LTHs and crypto currency whales!
Ethereum’s long -term owners (LTH) has recently started to show weakness because they have increased sales pressure in the last three days. The immobilized circulatory mistress, which has previously been idle and measuring the amount of token, which has changed the address, reveals that investors in the 2 to 3 -year cohort have moved over 300,000 ETH in the last three days.
ETH Atıl circulation (2y & 3y) and the network that occurs. Source: centimeterSales activity showed that investors have recorded more than $ 700 million profits and over $ 70 million in the same period. This point to the continuation of a significant tendency during last week, when investors continued to sell to fix their profits and reduce their losses. However, last week, as a decrease of over 800,000 ETH in Ethereum stock market reserves, bulls buy a quiet decline.
ETH stock market reserve. Source: cryptoquantThe above graph is also compatible with the data taken from Lookonchain and revealing that whales have accumulated ETH for the last three days. While investors purchase the decline, Ethereum’s derivative market continued to show weakness, and the open interest in the futures market has been around 8.20 million ETH since it fell from 9,90 million ETH, which is the highest level of all times on February 3. In the meantime, Ethereum Stock Exchange Investment Funds (ETH ETFs), according to Coings data, has broken the six -day positive flow series after recording a net output of 22.5 million dollars on Monday.
ETH Open Interest. Source: coinglassETH Price Projection: Leader Altcoin is at risk of falling to $ 2,200!
According to CoNSS data, Ethereum saw yesterday that 29.15 million dollars of transaction liquidation. The total amount of Long and Short liquidation was $ 19.95 million and $ 9.20 million, respectively. Ethereum has difficulty seeing a recovery because of the fact that bears continue to dominate the market since the heavy price drop caused by global trade tensions on February 3.
The leading Altcoin’s fall to the rectangular canal marked with $ 2,817 and $ 2,200 key levels may indicate the beginning of a long consolidation. ETH was traded in this channel for four months between August and November before the election victory of President Donald Trump led to a crypto market rally. In order to get out of the potential decline tendency, ETH must overcome the $ 2,817 basic resistance strengthened by the 14 -day mobile average (EMA) and keep it as a support level. If ETH sees a rejection of around $ 2,817 and falls below the lower limit of a significant diminishing channel, it can find support from $ 2,200.
ETH/USDT Daily GraphicsThe opinions and estimates in the article belong to the analyst and are not definitely investment advice. Kriptokoin.comWe recommend that you do your own research before investing.
To be aware of last -minute developments Twitter ‘ in, Facebook ‘ Instagram follow and follow Telegram And Youtube Join our channel!
