Today, the cryptocurrency market faced a lot of selling, causing the price of Bitcoin to fall sharply below important support levels and head
The price of Bitcoin (BTC) fell sharply on Friday, dropping below key support levels and heading towards a low of $59,000. The drop was triggered by an announcement from Mt. Gox about beginning repayments, which led to concerns about further selling. Meanwhile, the price of Ethereum (ETH) also saw a significant drop from its highs of $3,500, leading to heavy sell-offs. Furthermore, recent on-chain data is showing a bearish trend for ETH, which may hinder its recovery in the near term.
This week began with a sell-off in the crypto market, as the price of BTC dropped below the $59K level. According to data from Coinglass, the market saw total liquidations exceeding $350 million over the past 24 hours. Notably, the price of ETH saw liquidations of around $80 million, while long position holders faced liquidations amounting to over $67 million.
Whales, defined by their ability to influence asset prices significantly due to their large holdings, are showing a bearish trend in the ETH market. In particular, addresses holding between 100,000 and 1 million ETH have sold off approximately 700 million ETH in the past two weeks.
This sale, which amounted to about $2.32 billion, has brought down their collective holdings to 20.26 million ETH. Considering that whales usually maintain their positions even during bear markets, this large-scale selling is a point of concern.
Data from IntoTheBlock shows that the large transaction volume for ETH dropped this week as the metric fell from a peak of $6.7 billion to a low of $3.4 billion. This resulted in weak buying volatility for ETH over the week.
Moreover, retail investor selling is increasing. An analysis showed that about 25% of ETH users are in profit, which is likely促使ing transactions to secure these gains. Typically, selling is low when less than 25% are profitable, but with this threshold being crossed, investors might be looking to lock in profits amidst the potential price drop.
The الكبيرمؤشرات التحليل الفني for ETH/USDT show a bearish outlook as the price attempts to recover from a sell-off at the 50-day Simple Moving Average (SMA).
After facing resistance at the 50-day SMA, the price of ETH saw a sell-off that drove the price lower, breaking through the Bollinger Bands (BB) on the lower side. This movement led to a drop towards the demand zone, which spans from $3,000 to $2,850.
As the price approached the lower BB and demand zone, it encountered strong buying pressure, which caused a rebound from the demand zone and a recovery towards the 20-day Exponential Moving Average (EMA). However, the price failed to突破above the 20-day EMA and dropped back down to the 50-day SMA, where it faced further selling pressure.
The الكبيرمؤشرات التحليل الفني for ETH/USDT show a bearish outlook as the price attempts to recover from a sell-off at the 50-day Simple Moving Average (SMA).
After facing resistance at the 50-day SMA, the price of ETH saw a sell-off that drove the price lower, breaking through the Bollinger Bands (BB) on the lower side. This movement led to a drop towards the demand zone, which spans from $3,000 to $2,850.
As the price approached the lower BB and demand zone, it encountered strong buying pressure, which caused a rebound from the demand zone and a recovery towards the 20-day Exponential Moving Average (EMA). However, the price failed to break above the 20-day EMA and dropped back down to the 50-day SMA, where it faced further selling pressure.
News source:https://www.kdj.com/cryptocurrencies-news/articles/ethereum-eth-market-negative-trend-whales-dump-m-eth-amidst-market-downturn.html
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