Whale Watch: Ethereum Fresh Buy Signal Sparks Speculation
2024年5月17日 - 3:00AM
NEWSBTC
The Ethereum market has been a whirlwind of activity in recent
days. After a brutal price correction last week, the world’s
second-largest cryptocurrency by market capitalization has staged a
mini-rebound, leaving investors wondering if this is the start of a
sustained bull run or a fleeting flicker before another dip.
Related Reading: Floki Inu Moment Of Glory: Analysts Forecast
Explosive 200% Rally Ethereum Rallies, But Questions Linger
Ethereum (ETH) surged 3.7% in the last 24 hours, buoyed by a
general uptick in the crypto market. This positive movement comes
after a significant price drop that saw ETH fall to $2,850. The
recent rise has sparked optimism among some analysts, with popular
crypto figure Ali calling for a potential “one to four candlestick
rebound” based on a buy signal he identified on ETH’s chart. The TD
Sequential presents a buy signal on the #Ethereum daily chart! It
anticipates that $ETH could see a rebound of one to four
candlesticks. pic.twitter.com/Vg7FTl9X2a — Ali (@ali_charts) May
15, 2024 However, not everyone is convinced. A closer look at
on-chain data reveals some conflicting signals. CryptoQuant’s data
shows a sharp rise in ETH’s exchange reserves over the past few
days, suggesting that investors might be offloading their holdings
rather than accumulating. This is further supported by Santiment’s
data, which indicates an increase in ETH’s supply on exchanges over
the past week. The behavior of large investors, often referred to
as “whales,” also paints an unclear picture. While Ethereum’s
supply held by top addresses remained flat, suggesting whales
haven’t made any significant moves, this could be interpreted in
two ways. Some believe it indicates a wait-and-see approach from
whales, anticipating a potential market top before re-entering.
Undervaluation Hints At Potential Growth Despite the mixed signals,
some metrics point towards a potential price increase for ETH. The
token’s Network To Value (NVT) ratio, as analyzed by Glassnode, has
declined significantly over the past week. Market Sentiment,
Technical Indicators Send Conflicting Messages Meanwhile, adding
another layer of complexity to the prediction puzzle is the current
market sentiment surrounding ETH. While some analysts are turning
bullish, evidenced by the rise in ETH’s weighted sentiment on
social media platforms, technical indicators paint a less clear
picture. Related Reading: Solana On The Brink? Price Stalemate At
Crucial $140 Support The Relative Strength Index (RSI) and Money
Flow Index (MFI) have both dipped recently, potentially suggesting
a loss of momentum in the recent upswing. The Moving Average
Convergence Divergence (MACD) indicator, however, has presented a
bullish crossover, hinting at a potential continuation of the
uptrend. A Potential Bull Run For Ether While the recent price
increase and some on-chain metrics suggest a potential bull run for
Ethereum, the conflicting signals from exchange reserves, whale
behavior, and technical indicators make it difficult to predict
with certainty. Featured image from Popular Mechanics, chart from
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