Ethereum makes 4% profit, but the lack of “Whale accumulation” could cause problems
With Ethereum (ETH) facing significant selling pressure in recent days, the cryptocurrency has seen a decent upswing from its recent lows and appears to have a notable level of support in the area of .
Although the second-largest crypto-asset is able to rise from its recent lows, one should note the following: Ethereum is still well below its recent highs – and some of the on-chain data could be very difficult for ETH Zurich’s long-term pricing policy.
Ethereum Gains 4% – Strong Support 90 $
At the time of writing Ethereum trades almost Marked by Ethereum’s ability to rise again after falling below the 157 $ mark signals that this Price region is an important short-term level of support. In all likelihood, this will be ETH’s short-term goal as the aggregate markets continue their decline.
ETH is also showing strength over Bitcoin as the cryptocurrency is currently over 3% higher than its BTC trading pair. The cryptocurrency, however, still has a long way to go, until it rises again to its multi-month highs of over Month were set.
It is very likely that Ethereum’s short-term price action largely follows that of Bitcoin, as most of the big old coins pursue Bitcoin’s price action in turbulent times.
Whales may not be collecting ETH
One critical point investors should consider regarding on-chain data is that whales do not currently buy as much Ethereum as Bitcoin – and that could cause sustainability issues for a future upswing at ETH. Intotheblock, a cryptanalysis group, writes about this data in a recent Tweet:
“Do you know the difference between our last tweet and this one? #ETH has fallen in the last 7 days at %) decline of #BTC. Why? -> Whales DO NOT pick up #ETH as they do with #bitcoin, “they said.
Looking at this data, it should be noted that Ethereum may not perform well compared to Bitcoin as markets continue to fall – because the massive shortage of buyers holding ETH could make the price more vulnerable to high volatility.