• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Breaking: CoWSwap Loses $150,000 In Exploit

Ethereum Loses Steam As Exchange Supply Spikes

Anifowoshe Ibrahim by Anifowoshe Ibrahim
7 months ago
in Ethereum
Reading Time: 3 mins read
Advertisement

Ethereum (ETH) is once again losing momentum after exhibiting a positive bounce the previous week. At the time of publication, ETH has a market valuation of $125 billion and is currently trading 9 percent lower at $1032.

The second-largest economy in the world is unmistakably losing strength, and if it cannot maintain $1,000, it may go as low as $700 or even lower.

Ethereum Falls Below $1k

Over the past few hours, the price of ethereum has deviated from a key level of support and fallen under $1,000. This is why more selling pressure might cause a downturn below $900 or even lower.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

To have a chance of refuting the dismal view, the second-largest cryptocurrency by market cap needs to retake $1,100 as support.

Ali Martinez, a market analyst, reveals some important on-chain statistics to look out for! Martinez stated that there has lately been a significant increase in the supply of ETH on the exchanges, citing statistics from Glassnode. He stated:

“More than 200,000 $ETH. worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Source: Ali Martinez

The number of ETH addresses that have experienced losses as a result of the current correction has also increased significantly. This can result in another sell-off. According to Ali Martinez:

“Ethereum is at risk of a steep correction. Transaction history shows that nearly 468,000 addresses with more than 7 million #ETH are now underwater and could soon start exiting their positions. A spike in selling pressure could trigger a downswing to $700 or even $600.”

ETH/USD trades above $1k. Source: TradingView

Related reading | TA: Ethereum Key Indicators Suggest A Sharp Drop Below $1K

Ethereum Whales Continue To Accumulate

Despite the current chaos in the price of ETH, whales have persisted in demonstrating their might with sporadic accumulations. Santiment, on-chain data source, noted:

“Ethereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement”

Ethereum

Source: Santiment

As of late, the state of the world economy and market circumstances appears dire. Recent figures show a significant decline in consumer confidence in the market, which could increase selling pressure on American equity.

The ripple effects can persist further because the cryptocurrency market is already seeing a more severe correction.

Related Reading | Why Ethereum Could Trade At $500 If These Conditions Are Met

Featured Image from Pixabay and Chart from tradingview.com, Santiment, Glassnode
Tags: ETHethereumSantimentwhales
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Ethereum

Ethereum Burning Reaches New High, Is ETH Warming Up For Another Rally?

5 days ago
Ethereum Bear

Ethereum Bearish Signal: Profit-Taking Hits Highest Level Since Feb 2021

5 days ago
Ethereum

Total Ethereum (ETH) Staked On Lido Finance Reaches New Milestone

1 week ago
Grayscale Bitcoin Trust

Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

2 weeks ago
Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

2 weeks ago
Ethereum Smart Contracts

Number of New Ethereum Smart Contracts Falls 60% in 2023

2 weeks ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

SEC Calls for Bitcoin (BTC) and Ethereum (ETH) Regulation As Snowfall Protocol (SNW) Presale Ends on a High Note

February 8, 2023

Chainlink (LINK) and Orbeon Protocol (ORBN) Outperform the Market, Experts Predict Big Growth in 2023

February 8, 2023

ALTCOIN DAILY TO PRODUCE AND STAR IN NEW “SHARK TANK OF CRYPTO” TV SHOW, KILLER WHALES

February 7, 2023

SinVerse Studios Announces $1 Million Buyback Program for the SIN token

February 7, 2023

Join the Revolution: Invest in STARSTAKING for 25% APY and the Chance to Win Big with the DeFi Lottery Program

February 7, 2023

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.

Links

Crypto Prices from Nomics

Cryptocurrency news

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

Technical Analysis

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

Company

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

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 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.