ETH is struggling to build up robust bullish momentum despite recently observed weekend rally, suggesting low optimism among investors.
Assessing the impact of surging exchange reserves and the state of exchange flows.Although it has recovered slightly in the weekend, there are some signs suggesting that it might not be a smooth recovery this week.
ETH exchanged hands at $2477 at press time. Its price action notably respected an ascending short-term trend line highlighted in yellow. So far, the slight upside indicates that there was some accumulation.At first glance, the weekend rally may seem like a healthy rally and a potential indication of more upside in the coming days.
On top of that, on-chain data also revealed a sharp uptick in ETH exchange reserves in the next few days. Such an outcome could be consistent with expectations of more sell pressure.But what do exchange flows reveal about the current situation? According to CryptoQuant, ETH’s exchange flows pivoted at the start of the month, leading to slower volumes.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Future of ETH to USD Conversions: Will Ethereum overtake fiat?To follow the price change of Ethereum to the U.S. Dollar, sites such as Crypto.com that allow the user to easily find out the exchange rate.
Read more »
Solana vs Ethereum: Is SOL closing in on ETH’s dominance?Solana surged 4% in the last 24 hours, reigniting the debate over its competition with Ethereum. Can SOL surpass ETH?
Read more »
Ethereum repeats 2021 pattern – What this means for ETHEthereum [ETH] is poised for a significant breakout as traders spot a triple bottom pattern forming in 2024, reminiscent of its 2021 rally
Read more »
61% Ethereum holders still in profit: What does this mean for ETH?Amid Ethereum ongoing price decline, holders have shown resilience with roughly 61% of them still in profit.
Read more »
Ethereum Funding Rate drops to lowest level in 2024: Impact on ETH?Ethereum's funding rate has hit its lowest point this year, signaling bearish sentiment in the derivatives market.
Read more »
Ethereum ETFs struggle: Is the market losing interest in ETH?ETH demand slows down as Ethereum ETFs outflows observed last week lead to weak sentiment but on-chain data may offer hopes of redemption.
Read more »