The return of the sellers? – The price of Bitcoin stuck near $74,000, and the fall generated nearly $700 million in liquidations. For its part, Ethereum is stuck around $4,000, but on-chain analysis seems to indicate that operators are betting on the prince of cryptocurrencies. Let’s find out all about it in the ETH newsletter!
Ethereum price falls 7% in 24 hours
For the moment, buyers are unable to get sellers to give in around $4,000. In fact, the price of Ethereum drop of 7% in 24 hours and almost 6% in one week :
Despite this recent decline, the price remains up nearly 40% in one month. The ETH/BTC pair stagnates in 24 hoursbut she fall of almost 7% in one week.
ETH leaves exchanges to be staked
Thanks to the recent Cancun-Deneb hard fork, transaction fees on Layers 2 were reduced by a factor ranging from 100 to 1,000. Great news for users, but it’s not the only good news. The work of on-chain analyst Simona_APC (pseudonym on exchanges are emptying into ETH for the benefit of staking :
Since the end of 2023, it seems that exchange experience ETH outflows at regular intervals. THE ETH reserves on exchanges fall sharplyand operators continue to deposit their precious ETH in staking. This indicates a relatively optimistic feeling regarding Ethereum and staking.
Ethereum price stuck at $4,000
The sellers showed themselves at the level of 4H resistance at $4,000and buyers failed to defend the level of support at $3,800 :
In case of rejection at the level of the resistance at $3,800the course could join the next support at $3,500. On the other hand, if buyers manage to recover the $3,800 as supportthe course could return to the $4,000 level. It will be necessary break the $4,000 to continue on the bullish momentum. The RSI confirms the bearish divergence with the fence below 41and this shows a buyers running out of steam.
The price of Ethereum is stuck at the psychological round number of $4,000, but the on-chain analysis is optimistic. Indeed, it seems that operators are confident in the fundamentals of ETH, and this bodes well for the future. Are we going to have to be patient before being able to see an altseason on altcoins again?