• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Ethereum is Showing Early Signs of Macro Weakness; What to Watch For

Cole Petersen by Cole Petersen
2 years ago
in Altcoins
0
  • Ethereum has been inching lower after breaking below the support level at the bottom of its long-held trading range
  • This decline has come about despite Bitcoin showing some signs of stability within the lower-$9,000 region
  • ETH is now trading at a crucial support level that buyers are attempting to defend, as a break below it could be dire
  • Analysts are now noting that for the first time in a long time ETH is showing signs of macro weakness
  • This could mean that major downside is imminent

Ethereum has been generating massive on-chain activity in recent times. Multiple metrics detailing its usage have surged to all-time highs, and the crypto, by most means, appears to be fundamentally robust.

That being said, this has not been enough to invalidate the technical weakness it has been seeing in recent times.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The divergence between its fundamental strength and technical strength may be due to the booming DeFi trend, which doesn’t directly lead to value accrual for ETH’s price – at least not at this time.

One analyst is even noting that Ethereum is starting to flash some signs of having macro weakness from a technical perspective.

The same analyst believes that this technical weakness could be further compounded by a potential miner-induced selloff stemming from a recent surge in outflows to exchange wallets.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Ethereum Shows Signs of Having “Macro Weakness”

At the time of writing, Ethereum is trading down marginally at its current price of $229. This is around the level at which it has been hovering throughout the past day.

ETH has been caught within a trading range between $230 and $250 over the past few months, and each dip below this range’s lower boundary has been fleeting in the past.

Analysts are noting that this time may be different. One prominent pseudonymous trader explained that the consecutive closes beneath $230 have given rise to the first “major signs” of bearishness it has seen in quite some time.

“ETH HTF Update: Priced has closed below $230 for nearly two consecutive weeks, this weeks wick is looking pretty nasty right now with a huge rejection over the past few days… First major signs of bearish PA showing up on HTF charts,” he explained.

Image Courtesy of Cactus. Chart via TradingView.

Here’s Another Factor that Could Adversely Impact ETH

Analysts are also closely watching miner outflows as a factor that could have a grim impact on Ethereum.

As Bitcoinist reported yesterday, the same trader explained that he is growing cautious about Bitcoin and Ethereum’s near-term outlooks due to this bearish catalyst.

“While I am super bullish on both BTC & ETH over the next 12/24 months, over the past week there has been a huge spike in miners moving funds on exchanges… This is usually followed by large drops in PA,” he said.

Bitcoin Ethereum

Image Courtesy of Glassnode.

Featured image from Shutterstock.

Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Terra

Terra Flaw: Ethereum Creator And Binance CEO Slam Terra Via Twitter

8 hours ago
Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

1 day ago
Crypto & Gaming: A Look At NRG’s Insights Report

Crypto & Gaming: A Look At NRG’s Insights Report

2 days ago
luna crypto mental health awareness

LUNA, The Crypto Crash, And Mental Health Awareness Month

4 days ago
Coffeezilla, screenshot from the video

Is SafeMoon A Billion Dollar Fraud? Coffeezilla Thinks So – Pt.1: Rug Pull

5 days ago
Terra LUNA UST

Crypto Exchange Gemini Responds To Rumors That It Orchestrated UST Crash

5 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.