• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Price & Market
Cap Data from
Nomics Logo Nomics Logo
Bitcoinist.com
Join Student Coin ICO
No Result
View All Result
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
  • Home
  • 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
  • Trade
  • Play Games
  • Mining
Bitcoinist.com
No Result
View All Result
Nexo

The Simple Reasons Why This Trader is Cautious of Ethereum

Cole Petersen by Cole Petersen
10 months ago
in Altcoin Price
0
  • Ethereum, like Bitcoin, is currently trading at the lower boundary of its long-established trading range
  • The cryptocurrency does appear to be positioned to see a breakdown below this range, but whether or not this takes place will likely depend on Bitcoin
  • One analyst is now growing increasingly cautious on ETH, explaining that massive spikes in miner outflows for the cryptocurrency signal that a large drop could be imminent
  • This also comes as the China-based PlusToken Ponzi scheme begins growing increasingly active
  • On-chain data shows that they just recently moved nearly 800,000 ETH

Ethereum has been flashing signs of weakness as the entire cryptocurrency market continues losing the momentum that had been established over the past several days and weeks.

This lack of momentum does seem to suggest that further downside could be imminent. Buyers are, however, attempting to defend the lower boundaries of the trading ranges that ETH, Bitcoin, and other altcoins have formed over the past few weeks.

Whether or not these levels are broken below in the near-term may depend primarily on just how potent the imminent selling pressure from miners is in the days and weeks ahead.

One previously bullish analyst explained that he is growing cautious of Ethereum and Bitcoin due to this single factor.

Ethereum’s Outlook Dims as It Nears Crucial Support

At the time of writing, Ethereum is trading down just under 2% at its current price of $231. This is just a hair above the crucial support it has formed at $230 over the past several weeks.

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

This level happens to mark the lower boundary of the trading range that has been firmly established between $230 and $250. Earlier this week, buyers attempted to break $250, but it posted a swift rejection at this level.

One factor that could influence how it trends next is seen while looking towards wallets associated with the now-defunct PlusToken scam.

Data shows that they just moved 800k ETH – potentially signaling that a massive amount of selling pressure is about to be placed on the market.

“Ethereum’s on-chain transaction volume just spiked to its highest level since the Black Thursday dump! The increased activity appears connected with PlusToken – a known Ponzi scheme – moving almost 800k ETH on the blockchain,” analytics firm Santiment noted in a recent tweet.

Why One Previously Bullish Analyst is Growing Cautious on ETH

PlusToken isn’t the only potential source of immense Ethereum selling pressure.

One analyst recently explained that although he remains highly bullish on Ethereum and Bitcoin over a long-term time frame, he is cautious about their near-term price action due to large miner outflows in recent times.

“Personally increasing my exposure to USDT here… 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, be careful!” He warned.

Bitcoin Ethereum

Image Courtesy of Glassnode.

Featured image from Shutterstock.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
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.

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
© 2021 Bitcoinist.com. All Rights Reserved.
  • Home
  • 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
  • Trade
  • Play Games
  • Mining

© 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.