Ethereum Shows Bottoming Out Sign After Highest Capitulation Trading Ratio in 3.5 Years Emerged
Santiment, an on-chain data source, recently tweeted that the amount of ETH transfers, while participant addresses were losing money, outpaced that when wallets were profitable by around 3.4 times. The team believes this could be a sign of Ethereum’s demise.
According to a new report, the second-largest cryptocurrency is showing signs of bottoming out, while the number of new investors has reached an all-time high. This is the most significant increase in this percentage in the last 3.5 years (since mid-November 2018).
As for the number of ETH wallets in loss, according to data shared by Glassnode, it has hit a 2-year high, reaching 24,513,674.851. The number of ETH wallets in profit has dropped to a one-month low of 55,470,222.548.
While Ethereum has lost slightly over $1,000 since the start of the year, dropping to $2,661, new investors keep entering the ecosystem. As per Glassnode, the number of non-zero wallets has soared to a new historic peak of 80,166,298.
Small investors are also flocking in – the number of wallets containing more than 0.01 ETH has reached an all-time high of 22,629,104.
Ether could continue dropping against the U.S. dollar in a high interest-rate environment.
Ethereum’s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high.
Technical signals suggest more downside prospects for Ether in the coming months, with a “bear flag” pattern projecting ETH’s price decline toward $1,700 in Q2/2022, down about 40% from May 6’s price. Conversely, a rebound from the flag’s lower trendline could have Ether retest $4,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
Author
Santiment, an on-chain data source, recently tweeted that the amount of ETH transfers, while participant addresses were losing money, outpaced that when wallets were profitable by around 3.4 times. The team believes this could be a sign of Ethereum’s demise.
According to a new report, the second-largest cryptocurrency is showing signs of bottoming out, while the number of new investors has reached an all-time high. This is the most significant increase in this percentage in the last 3.5 years (since mid-November 2018).
As for the number of ETH wallets in loss, according to data shared by Glassnode, it has hit a 2-year high, reaching 24,513,674.851. The number of ETH wallets in profit has dropped to a one-month low of 55,470,222.548.
While Ethereum has lost slightly over $1,000 since the start of the year, dropping to $2,661, new investors keep entering the ecosystem. As per Glassnode, the number of non-zero wallets has soared to a new historic peak of 80,166,298.
Small investors are also flocking in – the number of wallets containing more than 0.01 ETH has reached an all-time high of 22,629,104.
Ether could continue dropping against the U.S. dollar in a high interest-rate environment.
Ethereum’s native token Ether (ETH) tumbled to its worst levels in almost two months against the U.S. dollar on May 6 as the rout in financial markets rippled across the cryptocurrency sector. Nonetheless, ETH did fare better than Bitcoin (BTC) with the ETH/BTC pair hitting a three-week high.
Technical signals suggest more downside prospects for Ether in the coming months, with a “bear flag” pattern projecting ETH’s price decline toward $1,700 in Q2/2022, down about 40% from May 6’s price. Conversely, a rebound from the flag’s lower trendline could have Ether retest $4,000.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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