Ethereum Shows Bottoming Out Sign After Highest Capitulation Trading Ratio in 3.5 Years Emerged
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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