Ethereum

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.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin, Ethereum, And Solana Lead Crypto Market, But Not For Long With New AI Altcoin With 30,000% Potential, Expert Says

Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) dominate the crypto market, but experts warn that…

3 hours ago

Dogecoin Price Prediction: Will DOGE Ever Hit $0.7 Again? Why ETFSwap (ETFS) Is The Best Alternative For 100x Gains

Discover the future as the Dogecoin price aims for a $0.7 comeback and discover why…

6 hours ago

Step into BlockDAG’s Presale Frenzy This November: Secure a Massive 100% Bonus with BDAG100!

November is the perfect time for BlockDAG's huge presale. Use BDAG100 to double your purchase.…

8 hours ago

OpenSea New Version Will Be Launched In December

OpenSea new version is scheduled to launch in December, with an improved user experience, improved…

8 hours ago

This website uses cookies.