latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Ethereum Displays Extreme Bearish Indicators With Declining Outflows! Here’s The Next ETH Price Level

The post Ethereum Displays Extreme Bearish Indicators With Declining Outflows! Here’s The Next ETH Price Level appeared first on Coinpedia Fintech News

The Federal Reserve announced, as expected, that it would maintain its main policy rate, as outlined in its economic summary. Ethereum’s price seemed to react positively to this news, holding above $1,600. Yet, in the last few hours, Ethereum couldn’t maintain its trade above $1,600 and dipped beneath Fibonacci levels due to reduced exchange outflows. Moreover, a massive selloff among whales has intensified the bearish pressure on the price chart. 

$11 Million Worth Of Long Positions Liquidated 

Over the last few hours, ETH price has dropped heavily below the crucial $1,600 mark, triggering a wave of selling activity among investors. Coinglass reports that a massive $11 million in long positions was wiped out in just a few hours. 

This liquidation indicates increased selling pressure, especially as ETH struggled near its resistance of around $1,620. For those new to the concept, long-liquidation refers to traders who anticipated a price rise having to close their positions, typically at a deficit, because the price didn’t move as they forecasted.

Glassnode indicates that Ethereum’s exchange outflow has hit a one-month low, with 6709 ETH, pointing to a growing exchange reserve. A drop in outflow implies that more Ethereum is staying in exchanges, with fewer ETH being taken out. This rise in exchange reserves indicates a higher availability of Ethereum for sale, which is generally seen as a bearish indicator. 

Additionally, the ratio of ether to bitcoin plunged to its lowest in 14 months as major token holders, including Ethereum’s co-founder Vitalik Buterin, transferred coins to exchanges, potentially signalling an intent to sell. 

Currently, the ETH-BTC ratio approached 0.05957, as per TradingView data, marking its lowest point since the previous July. However, a positive funding rate suggests a majority of traders are bullish on Ethereum, expecting its price to rise from the bottom. 

What’s Next For ETH Price?

Recently, bulls failed to hold the ETH price above the crucial $1,600 level as the altcoin faced a heavy selloff near the high of $1,620. As a result, ETH price dropped below crucial Fib channels and touched a low near $1,570. As of writing, ETH price trades at $1,587, declining over 2.7% from yesterday’s rate. 

The extended wick on the candlestick pattern indicates buyers are defending further decline. The declining 20-day EMA at $1,624 and the RSI nearing the overselling region suggest a bearish advantage. However, bulls will likely attempt to send the price above the 20-day EMA. 

If Ether surges past $1,623, it might give the bulls an edge. This could potentially push the ETH price towards $1,674. However, if it drops below $1,531, it would imply that the bears are still in the game, possibly driving the price further down. shares this Contents always with License.

Thank you for Share!



Cool to know huh? Read the full Article

Read the full Article:  ⭲ Ethereum Displays Extreme Bearish Indicators With Declining Outflows! Here’s The Next ETH Price Level

Search about Crypto News


The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed simple and intuitive, usable by all Devices, fast and effective.


Today Most Popular News

Dokky Bookcase Script