CryptoQuant warns of possible ETH price dumping

Newly revealed analytical information reveals that whereas ETH’s open curiosity is near all-time highs this yr, the danger of the price of the second largest cryptocurrency falling could be very excessive, because the market is experiencing an enormous inflow of customers.

“ETH will probably rise and then fall”

According to a latest tweet from the CEO and co-founder of the on-chain information aggregation platform CryptoQuant Ki Young Ju, consumer exercise with ETH on centralized exchanges is growing.

Although many individuals are withdrawing cash, based on Ju, there may be nonetheless a excessive danger that ETH will crash after the price spike. He stated it was as a result of too many buyers entered the ETH market.

If the quantity of new buyers and their exercise exceeds common, ETH will possible rise first – later within the fall, the CEO of CryptoQuant warned.

If there are too many buyers within the market, the price will possible go up after which go down.$ ETH The TX rely of the Exchange outflow implies the exercise of the consumer throughout the Exchanges.

If the information is much from the common, the price will possible fall and type a spike sample. pic.twitter.com/FqoBx5HNsz

– Ki Young Ju (@ki_young_ju) August 11, 2021

“If too many buyers enter the market, costs will possible go up after which go down. ETH outflow trading implies lively customers on the exchanges. If the information is above common, costs are prone to fall and type a bearish sample. “

Previously, he additionally warned buyers that the speed of Bitcoin whales on the inventory market is reaching 90%, as reported by Bitcoin Magazine. Ki Young Ju acknowledged that this surge signifies elevated gross sales strain from whales.

Contract OI Convert ETH improve

According to information from evaluation agency Glassnode, there are nonetheless many open brief trades regardless of the sharp rise in open curiosity for ETH perpetual swaps.

Previously, swaps’ open curiosity had risen to a whopping $ 8 billion, and that surge ought to verify the upward development of the second largest cryptocurrency by market cap.

Ethereum Perpetual OI hits greater ranges for this yr, similar to its ATH.

Funding continues to be bearable as there are loads of shorts.

Not all are lengthy and powerful but. pic.twitter.com/6eisUeHoGY

– Lex Moskovski (@mskvsk) August 11, 2021

“The open curiosity for open-ended contracts at ETH has reached extra this yr than its ATH. Funding continues to be acceptable as a result of there are tons of shorts. Not everyone seems to be lengthy and powerful. “

ETH proceed trading over $ 3,000

At the time of writing, ETH is trading at $ 3,224 for the primary time since late May, based on CoinMarketCap.

ETH 4-Hour Price Chart | Source: Tradingview

ETH rebounded above USD 3,000 on Saturday (August seventh) and has been trading above that assist since then.

Minh Anh

According to UToday

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