• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum Bearish
Sensei Inu Logo

Ethereum Plunges Below $1,700, Here’s The Metric That Signaled This In Advance

Hououin Kyouma by Hououin Kyouma
4 months ago
in Ethereum
Reading Time: 3 mins read

Ethereum has plunged below $1,700 during the past day. Here’s the on-chain indicator that may have signaled this dip in advance.

Ethereum Age Consumed Metric Saw A Spike Before The Price Decline

According to data from the on-chain analytics firm Santiment, institutional investors look to have been expecting the move to take place. The indicator of interest here is the “ETH age consumed,” which first finds the total number of coins moving on the Ethereum blockchain. Then it multiplies this value by the days these coins had been dormant before their movement.

So, in this way, the metric keeps track of how many coins are being sold/moved each day and uses their age as a weighting factor. This means that many old coins are moved to the network whenever this indicator’s value is high.

Naturally, low values of the metric, on the other hand, would imply that there aren’t many coins moving on the chain right now or some coins with a low average age are being transferred.

Related Reading: XRP And Ethereum Seeing Increased Social Media Talk As Bitcoin Loses Interest

Now, here is a chart that shows the trend in the Ethereum age consumed over the past month:

Ethereum Age Consumed

Looks like the value of the metric has been quite high in recent days | Source: Santiment on Twitter

As displayed in the above graph, the Ethereum age consumed metric had recently registered a very large spike. This would suggest the potential movement of many dormant coins on the chain during this surge.

Generally, when such large spikes in the indicator are observed, it’s a sign of selling from the long-term holders (LTHs). The LTH cohort includes all the investors holding onto their coins since more than 155 days ago.

These holders are the experienced hands in the market who don’t easily sell even when the market is distressed. Because of this reason, their movements can be something to watch out for, as when they do finally sell, it’s usually not a positive sign for the price.

The chart shows that the LTHs had also shown a large move earlier in the month. Shortly after these investors became active, the cryptocurrency price plunged.

Related Reading: Bitcoin Sentiment On Social Media Now Most Red Since COVID Crash, Bottom Signal?

This time, the spike in the Ethereum age consumed also seems to have preceded a price decline, as the cryptocurrency’s value has now dropped below the $1,700 level.

This latest price plunge has come after the news that the US Federal Reserve isn’t raising interest rates this time, but more hikes would be coming later in the year to fight inflation.

Santiment suggests that the spike in the age consumed metric before the price decline could imply that the institutions already expected the move, hence why they shifted their coins early.

ETH Price

At the time of writing, Ethereum is trading around $1,600, down 11% in the last week.

Ethereum Price Chart

ETH has taken a plunge recently | Source: ETHUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
Tags: ETHethereumEthereum Plungeethusd
Tweet123Share196ShareSend
Hououin Kyouma

Hououin Kyouma

Kyouma is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Kyouma has been writing for many years, first as a hobbyist and later as a freelancer. He obtained a bachelor's in physics in 2022 and is planning on starting a master's in the same field in the near future. Kyouma is enthusiastic about the cryptocurrency industry and holds an active interest in on-chain analysis. His hobbies include gaming, anime, and football. You can find Kyouma on Twitter at @Kyouma29.

Related Posts

Ethereum

Is The Ethereum Winter Over? L2 Exploding, ETH Futures ETF Launches

3 hours ago
Bitcoin (BTC) and Ethereum price (ETH)

Ethereum’s Price Vs. Bitcoin: Can Upcoming ETH Futures-Based ETFs Turn The Tables?

23 hours ago
Ethereum ETH Gate

ETH Gate Saga Continues: What Is Lubin’s ‘Piece Of Paper’?

1 day ago
Ethereum open interest

Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

2 days ago
Ethereum

Ethereum Liquid Staking Protocols Hit New Milestone Following Massive Inflows

2 days ago
Ethereum

Ethereum Funding Rates Turn Deep Red, What Does It Mean?

3 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Comprehensive Analysis of the Interactive Brokers Platform

    7 hours ago
  • The Rise of Bitcoin Spark: How It Challenges the Dominance...

    13 hours ago
  • Microsoft AI Picks Tradecurve Markets (TCRV), Terra Classic...

    14 hours ago
  • Bulls Are All In For Everlodge (ELDG), Why Are Litecoin...

    15 hours ago
  • Discover Tradecurve Markets (TCRV): The Solution to Stellar...

    15 hours ago

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.

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

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 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.