Ethereum Bulls Show Exhaustion
Ether bulls lost the $2,600 support line amid a low-risk appetite in the crypto market.
Ethereumβs Relative Strength Index (RSI) is at 56, suggesting that the asset is strong enough to sustain its upward trend.Β Technical analysts frequently use the RSI to determine whether an asset has the energy to push higher or is likely to undergo a reversal.Β ETH seems poised to rise further if the market conditions are favorable given that the RSI is at neutral levels.
CoinGlass claims that long-term Ethereum holders have liquidated sizable portions of their holdings.
The companyβs data indicates that exchanges have seen Ethereum inflows of $103 million, which could signal many investors are trying to sell their holdings. Large inflows into exchanges typically show traders may be getting ready for a possible sell-off, which could push the price lower.
In addition, Ethereum sales and transfers made by the foundation are recorded by on-chain data intelligence platforms such as Santiment and Arkham sparked discussion about the effects of the selling pressure among the ETH community of holders and traders.
On-chain developments are another significantΒ marketΒ driverΒ for Ether andΒ tradersβ changing sentiment.
According to data from IntoTheBlock, wallets holding Ethereum tokens valued at over $10 million saw a decline from $379.4 billion to $312.9 billion. This is more than a 17 percent drop from the previous week. .Large wallet investors are less optimistic about Ethereumβs short-term recovery.
Ethereum may either pull back if the resistance turns out to be too strong, or it may break above the $2,,800 barrier and hit the $3,500 target.. However, there may be some brief price fluctuations for Ethereum if selling pressure increases as a result of the significant inflows into exchanges.
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