SNEAK PEEK
- Ethereum whales dump 110,000 ETH in two weeks.
- Network adoption appears healthy with increased usage.
- The average active ETH addresses are lower than last year’s average.
According to recent data, Ethereum whales who hold 1,000 to 10,000 ETH have sold more than 110,000 ETH in the past two weeks. This significant movement in cryptocurrency by these large investors suggests a potential shift in market sentiment or a strategic move to secure profits.
It is worth noting that such whale activity can have a notable impact on the overall Ethereum market, as it may influence supply and demand dynamics and affect the price of the digital asset.
Recent activity on the Ethereum network has been mixed, with a surge in users and transactions accompanied by an unexpected decrease in monthly active ETH addresses. Despite the decrease in active ETH addresses, usage of the Ethereum network has been increasing, with more users, transaction volume, and blockspace demands indicating healthy adoption.
However, it will be important to monitor the long-term trend of active addresses in order to identify potential issues that could impede further growth. It remains to be seen if Ethereum can continue its recent growth trajectory despite weak fundamentals.
Ethereum Price/Technical Analysis
The latest Ethereum price analysis shows a decrease in today’s price, with ETH trading at $1,828, from its all-week high of over $1,962. The price has been trading in a narrow range since the beginning of May, showing signs of consolidation. In the past 24 hours, the token has been trading in a tight-range with $1,809 acting as support and $1,853 acting as resistance.
The ETH/USD is bearish and has formed a descending triangle pattern in today’s market, with selling pressure increasing as the day progresses. The downside of this bearish pattern may give way to a further decline to $1,800 and potentially lower if the support at $1,809 is breached.
Alternatively, if buyers can take control of the market, the ETH/USD could rise above its resistance level of $1,853 and reach highs of $2,000.
Looking at the technical indicator on the daily chart indicates a negative outlook. The RSI has dropped to 43.50, indicating that the market is neutral. The MACD is also showing bearish momentum, with the MACD indicator line below the signal line.
The 20-EMA is currently moving below the 50-EMA, suggesting a bearish bias. The moving average indicator on the daily chart is present at $1,868, just above the current level.
In conclusion, despite increased usage of the Ethereum network, adoption has been slowing due to weak fundamentals and decreased utilization, as evidenced by a drop in monthly active ETH addresses. The bearish outlook on the ETH/USD suggests that the market is currently in a consolidation phase, with bearish pressure likely to lead to further declines if support at $1,809 is breached.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/ethereum-eth-price-analysis-02-05/
