This is the hand that rigged the ETH price trend during the recent downturn | Bitcoin magazine
Unlike the rest of the market, Ether saw a modest drop of just -2.3% on December 4th. However, the wick it created scared any investor. The bigger question is how did it happen?
Ether “hidden” by institutions
The December 4th events are believed to be for a variety of reasons, but IntoTheBlock may be find out Cause for ether alone.
According to the data, institutional investors were responsible for this decline as their trading volume unexpectedly rose by $ 6 billion to hit $ 18 billion.
Ether Large transaction volume | Source: Intotheblock
Before Ether closed at $ 4,124, Ether fell almost to $ 3,470 that day due to the huge drop in price. The last time such large trading volumes were observed was right before Ether price fell 7.73% in November.
This is also confirmed by the fact that this large volume was 89% of the total on December 4th, which is a little over $ 20 billion.
Total ether. Transaction volume | Source: Intotheblock
In any case, investors took this opportunity and bought quickly. Even investors who were previously inactive suddenly came back and active addresses rose by 50%.
Ether address is active | Source: Intotheblock
Some of them bought the dip, but most of the others probably didn’t, as more than 81,000 ethers worth $ 354 million were sold on exchanges on December 4th.
Nevertheless, investors are still profitable, only 10% of all active addresses have to accept losses.
Ether addresses are profitable | Source: Intotheblock
In addition, Ether’s transaction volume and liquidity also increase as more addresses join the network. Looking at the average balances, which haven’t seen a major decline since September, it’s clear that investors will continue to grow.
For now, the bearish momentum appears to be easing as the divergence and convergence of the Moving Average (MACD) on the uptrend will make a bullish crossover above the signal line.
Ether price promotion | Source: TradingView
And the Bullish Average Directional Indicator (ADX) shows that an active trend is getting stronger. As the candle is currently green it means that the active trend could become an uptrend and once the ADX breaks through 25 the market could see a reversal.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to AMBCrypto
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This is the hand that rigged the ETH price trend during the recent downturn | Bitcoin magazine
Unlike the rest of the market, Ether saw a modest drop of just -2.3% on December 4th. However, the wick it created scared any investor. The bigger question is how did it happen?
Ether “hidden” by institutions
The December 4th events are believed to be for a variety of reasons, but IntoTheBlock may be find out Cause for ether alone.
According to the data, institutional investors were responsible for this decline as their trading volume unexpectedly rose by $ 6 billion to hit $ 18 billion.
Ether Large transaction volume | Source: Intotheblock
Before Ether closed at $ 4,124, Ether fell almost to $ 3,470 that day due to the huge drop in price. The last time such large trading volumes were observed was right before Ether price fell 7.73% in November.
This is also confirmed by the fact that this large volume was 89% of the total on December 4th, which is a little over $ 20 billion.
Total ether. Transaction volume | Source: Intotheblock
In any case, investors took this opportunity and bought quickly. Even investors who were previously inactive suddenly came back and active addresses rose by 50%.
Ether address is active | Source: Intotheblock
Some of them bought the dip, but most of the others probably didn’t, as more than 81,000 ethers worth $ 354 million were sold on exchanges on December 4th.
Nevertheless, investors are still profitable, only 10% of all active addresses have to accept losses.
Ether addresses are profitable | Source: Intotheblock
In addition, Ether’s transaction volume and liquidity also increase as more addresses join the network. Looking at the average balances, which haven’t seen a major decline since September, it’s clear that investors will continue to grow.
For now, the bearish momentum appears to be easing as the divergence and convergence of the Moving Average (MACD) on the uptrend will make a bullish crossover above the signal line.
Ether price promotion | Source: TradingView
And the Bullish Average Directional Indicator (ADX) shows that an active trend is getting stronger. As the candle is currently green it means that the active trend could become an uptrend and once the ADX breaks through 25 the market could see a reversal.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Mr. Teacher
According to AMBCrypto
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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