- Ethereum decided to play hard to get with some slight exchange outflows over the past 48 hours. Classic! 🙄
- Heavy Open Interest nuke and a high dormant circulation spike? Sounds like a party no one wanted to attend! 🎉
So, Ethereum [ETH] had a little tantrum at the $3.5k resistance zone. The market-wide panic turned into a dramatic 38% drop to $2,125, before it decided to bounce back to $2,921 like it was just kidding. 🙃
This quick drop was like a magician’s trick, wiping out a whopping $8 billion to $10 billion in Open Interest (OI). Poof! Gone! 🎩✨
Now, the ETH OI is back to mid-November levels, but the price? Oh honey, it’s about 12% lower. Talk about a glow-down! 😬
Should Ethereum bulls buy more or just sit on their hands? 🤔
The on-chain metrics are sending out discouraging vibes. The taker buy-sell ratio is like a sad love story, with sellers dominating the scene. Fear is the new black! 🖤
And guess what? This metric has been negative for most of the past three months. Meanwhile, price action is struggling to keep up, unlike Bitcoin [BTC] and its fancy friends. 🥳
Exchange Netflows were all positive while ETH was riding high in November. But now? It’s like a bad breakup, with increased inflows indicating potential selling pressure. Ouch! 💔
In the last couple of days, the 7-day Moving Average (MA) decided to take a dip into negative territory, showing slight outflows and a hint of accumulation. Just a hint, mind you! 🕵️♀️
The dormant circulation had a dramatic spike during the retest of the $3.5k resistance on January 31st. Coincidence? I think not! The U.S. markets were also having a meltdown. 🔥
Is your portfolio green? Check the Ethereum Profit Calculator, if you dare! 💸
The Funding Rate has been negative lately, and the Mean Coin Age (2 years) has plateaued after a little upward trend since late December. It’s like watching paint dry, but with more anxiety! 😩
So, the short to medium-term sentiment is screaming bearish. The price action is making it clear that the $3.5k resistance zone is the new hot spot. 🏖️
But hey, the Mean Coin Age and those slight negative outflows are like tiny glimmers of bullish hope. Or maybe just wishful thinking? Who knows! 🤷♀️
Read More
- PSP PREDICTION. PSP cryptocurrency
- NYM PREDICTION. NYM cryptocurrency
- IP PREDICTION. IP cryptocurrency
- EUR IDR PREDICTION
- RLC PREDICTION. RLC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- EUR INR PREDICTION
- COW PREDICTION. COW cryptocurrency
2025-02-05 00:10