• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news Ethereum

Ethereum Investors Appear to FOMO as Speculation Mounts Around ETH 2.0

Ali Martinez by Ali Martinez
8 months ago
in Ethereum, Technical analysis
Reading Time: 2min read
Ethereum Investors Appear to FOMO as Speculation Mounts Around ETH 2.0
Advertisement
Listen to Article

The upcoming launch of Ethereum 2.0 has investors and market participants alike speculating whether Ether is preparing for a moonshot. After the most recent correction that saw prices plummet to $191, many have claimed that the smart contracts giant hit market bottom.

Santiment, a behavior analytics platform, noticed that some Reddit users are becoming overwhelmingly bullish, and FOMO seems to be building up. The firm was able to collect some of the most popular comments on the social network, which include:

“Y’all got anymore of that $200 ETH? My funds just cleared and I wanted to buy right at the line.”

Bullish Sentiment Around Ethereum
Bullish Comments About Ethereum Emerge in Reddit. (Source: Twitter)

With all the buzz around Ethereum, a contrarian could argue that instead of a bullish impulse, a downswing could be on the works. But is it possible?

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

A Correction Ahead of Ethereum

Ethereum is currently being held by a significant support level that sits around $200. However, its on-chain volume appears to have leveled off for over the past couple of weeks, based on data from Santiment.

Ever since the peak of $227 on April 30, the on-chain volume of the smart contracts giant has been steadily declining while its pricer appears to have entered a consolidation phase. This significant divergence between price and volume may suggest that Ether could be bound for a steep correction.

Ethereum On-Chain Volume. (Source: Santiment)
Ethereum On-Chain Volume. (Source: Santiment)

The changes in the number of followers on Ethereum’s official Twitter account adds credence to the bearish outlook. For over the past year, this gauge appears to be highly correlated with the price action of this altcoin.

Each time Ether’s Twitter followers’ count goes down, its price tends to follow.

Ethereum Twitter Changes. (Source: Santiment)
Ethereum Twitter Changes. (Source: Santiment)

Now that this fundamental metric seems to have made a lower high on May 14, the odds for a bearish impulse increased substantially.

Key Support Levels to Watch Out

Out of all Ethereum addresses, more than 52% are currently “In the Money,” while over 45% are “Out of the Money,” according to IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model.

These figures may indicate that as it was seen in Reddit, ETH holders are quite confident about what the future holds.

Considering the bearish signs presented by the aforementioned on-chain indexes, the IOMAP could help identify areas of support in the event of a correction. A simple glance at this indicator shows that the most significant supply barrier sits between $171 and $177.5.

Here, over 1.75 million addresses bought nearly 3 million ETH, which could serve as strong support.

In/Out of the Money Around Price. (Source: IntoTheBlock)
In/Out of the Money Around Price. (Source: IntoTheBlock)

On the flip side, there is a significant resistance barrier between $202 and $226 that could prevent Ether from reaching its upside potential.

Only time will tell whether support or resistance will break first to provide a better idea about where Ethereum is headed next.

Featured Image from Shutterstock
Tags: ethusdpriceSantimenttechnical analysis
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Ali Martinez

Ali Martinez

Ali began forex trading in 2012. In 2014, he came across Bitcoin’s whitepaper and was so fascinated by the idea of a decentralized, borderless, and censorship-resistant currency that he started buying Bitcoin. By 2015, he started traveling to spread the word about Bitcoin. Now, he is a content producer for some of the leading media outlets in the cryptocurrency industry.

Related Posts

Bitcoin

TA: Bitcoin Consolidates Below $33K, Why BTC Could Attempt Bullish Break

31 mins ago
Ethereum

Ethereum is About to Post a Massively Bullish Signal as Bulls Take Charge

8 hours ago
Ethereum

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

22 hours ago
Bitcoin

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

23 hours ago
Ethereum

Here’s the Key Demand Zone Ethereum Might Test Before Surging Higher

1 day ago
Ethereum

Ethereum Could See an Explosive Move Higher Following Massive 20% Surge

2 days ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Cryptowisser Releases Report on Exchanges With Lowest Fees

January 22, 2021

LABS Group Announced Strategic Partnership with Centifuge to Provide DeFi Collateralized Property Backed Lending

January 22, 2021

Jump-starting Crypto Adoption: Aurix IEO Scheduled for January 21st on ExMarkets!

January 22, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.