Ethereum Posts 4% Gain, But Lack Of “Whale Accumulation” Could Spell Trouble

2019-9-28 02:00

After facing a significant amount of selling pressure over the past several days, Ethereum (ETH) has been able to post a decent bounce from its recent lows and appears to have established a notable support level around the $160 region.

Despite being able to climb from its recent lows, it is important to note that Ethereum is still down significantly from its recent highs, and one piece of on-chain data may spell significant trouble for its long-term price action.

Ethereum Posts 4% Gains as $160 Support Level Holds Strong

At the time of writing, Ethereum is trading up over 4% at its current price of nearly $168, which marks a decent surge from its weekly lows of $157 that were set as Bitcoin capitulated within the upper-$7,000 region.

Ethereum’s ability to surge from its dip below $160 signals that this price region is a key near-term support level, and it is highly probable that this will be its near-term target if the aggregated markets continue their descent lower.

ETH is also currently showing strength against Bitcoin, as it is currently trading up over 3% against its BTC trading pair.

The crypto still has a long way to go before it climbs back up towards its multi-month highs of over $220 that were set earlier this month.

It is highly probable that Ethereum’s near-term price action will be largely guided by that of Bitcoin, as most major altcoins closely track Bitcoin’s price action during tumultuous times.

Whales May Not Be Accumulating ETH

One critical piece of on-chain data that investors should consider is the fact that whales are not currently purchasing as much Ethereum as they are Bitcoin, which may cause problems for the sustainability of any upwards surge that ETH experiences in the future.

Intotheblock, a crypto analytics group, spoke about this data in a recent tweet, saying:

“Can you tell the difference between our last tweet and this one? #ETH has fallen 25% on the last 7 days Vs the 21% drop of #BTC. Why? –> Whales are NOT accumulating #ETH as they are with #bitcoin,” they explained.

Can you tell the difference between our last tweet and this one?#ETH has fallen 25% on the last 7 days Vs the 21% drop of #BTC

Why? –> Whales are NOT accumulating #ETH as they are with #bitcoin

Join us at https://t.co/RPXjIXG5Vh and do the same analysis!#realanalytics pic.twitter.com/26b4lv3VcV

— intotheblock (@intotheblock) September 27, 2019

While considering this data, it is imperative to note that Ethereum may not fare well compared to Bitcoin if the markets continue to drop, as the lack of massive buyers holding ETH may make its price more prone to major volatility.

Featured image from Shutterstock.

The post Ethereum Posts 4% Gain, But Lack Of “Whale Accumulation” Could Spell Trouble appeared first on NewsBTC.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Ethereum (ETH) на Currencies.ru

$ 2945.96 (+0.14%)
Объем 24H $12.311b
Изменеия 24h: -2.22 %, 7d: -2.86 %
Cегодня L: $2927.03 - H: $2952.53
Капитализация $353.864b Rank 2
Цена в час новости $ 173.25 (1600.41%)

ethereum able lows recent trouble accumulation could

Источник: newsbtc.com

ethereum able → Результатов: 126


Фото:

Ethereum Forms Ascending Channel, But Bears Aren’t Out of the Woods Yet

Ethereum, like Bitcoin, has been able to recapture its previous trading range and put some serious distance between its current price and its recent lows The crypto market has been able to see a swift recovery from the overt weakness seen yesterday This, to many bulls, seemed to confirm that the market is well poised to see further upside in the days and weeks ahead In the case of Ethereum, the crypto now appears to […]

2020-6-17 23:00


Ethereum для шопинга: криптовалюта появится в крупном платежном сервисе

Команда криптовалютного процессингового сервиса BitPay приняла решение добавить к перечню доступных для операций криптовалют Ethereum. Обновление позволит предпринимателям принимать ETH в качестве оплаты, а пользователям хранить актив в разработанном специалистами компании кошельке.

2019-9-17 08:03


Процессинг BitPay добавит поддержку Ethereum

Криптовалютный процессинг BitPay добавит поддержку Ethereum в ближайшие недели. Мерчанты смогут принимать монету в качестве оплаты, а пользователи хранить в кошельке. Soon BitPay merchants will be able to accept Ether payments from #Ethereum users around the world: https://t.

2019-9-16 20:50


Binance.US to Open Deposits in One Week

Binance.US has announced that it will begin processing account registration applications and accepting cryptocurrency deposits from Sep. 18 at 8 am EDT. After users have signed up and selected their desired tier of verification, they will be able to deposit bitcoin (BTC), ethereum, (ETH), ripple (XRP), bitcoin cash (BCH), litecoin (LTC), and tether (USDT) to […] The post Binance.US to Open Deposits in One Week appeared first on CCN.com

2019-9-13 20:06


Фото:

Приложения для Ethereum будут работать с блокчейном TON

Блокчейн TON от компании Павла Дурова будет совместим с приложениями для сети Ethereum, об этом изданию Coindesk рассказал глава стартапа TON Labs Александр Филатов. NEW: @telegram's new TON blockchain will be able to support dapps built for ethereum.

2019-9-2 18:38


Grayscale Ethereum Trust Is Now Available For Trading On OTC Markets

Grayscale Launches New ETHE Security According to the blog post released by the company, ETHE is a trust that holds Ethereum, the second largest virtual currency in the market after Bitcoin. That means that investors would be able to have access to gain exposure to Ethereum without necessarily having to purchase the cryptocurrency itself. The […]

2019-6-22 17:06


Sidechains vs Plasma vs Sharding

Special thanks to Jinglan Wang for review and feedback One question that often comes up is: how exactly is sharding different from sidechains or Plasma? All three architectures seem to involve a hub-and-spoke architecture with a central “main chain” that serves as the consensus backbone of the system, and a set of “child” chains containing actual user-level transactions.

2019-6-14 04:03


Microsoft seems very proud of its smart contract auditing tools for blockchain

Microsoft is very proud of its Azure Blockchain-powered smart contract auditing tools for Ethereum – so much so it decided to flaunt some of the benefits of the software in a new blog post. “One of the key drivers making blockchain-based applications programmable, accessible to enterprise customers, and able to meet the diverse needs of a variety of sectors [are smart contracts],” the post reads.

2019-6-4 12:53


Ethereum Classic (ETC) Announces Astor Network Testnet Mining is Ready in Response to 51% Attack

Ethereum Classic network faced a double 51% attack on its platform in the month of January which led to a loss of $1 million. The attackers were able to accumulate 51% of the hash power required to manipulate the network and continued the attack for several days. The attackers used their control on the ETC […]

2019-5-29 18:22


Ozinex ICO

OZINEX is a global cryptocurrency exchange platform. It will form a new innovative platform to trade Bitcoin, Ethereum, Litecoin, EOS and other popular cryptocurrencies and tokens. Users will receive expert analysis of the current state of coin and token pairs, and they’ll be able to withdraw their money easily and receive alerts for scam cryptocurrencies.

2019-5-22 12:12


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum ETF Dreams Dashed? Analyst Says SEC Approval ‘Slim To None’

For investors hoping for a simple way to gain exposure to Ethereum, the road seems paved with regulatory hurdles. The US Securities and Exchange Commission (SEC) has thrown a wrench into plans for spot Ethereum Exchange Traded Funds (ETFs), leaving the future of these investment vehicles shrouded in uncertainty.