Bittime - In recent days, one of the largest cryptocurrencies on the market, Ethereum (ETH), has faced significant difficulties. Ether price fell dramatically and was unable to maintain its trading position around $3,300. Every time the price of ETH approaches the $3,000 level, buyers try to defend it. Short-term buyers, however, then leave the market at peak prices. As a result, whale interest dropped drastically, causing ETH price volatility to fall.
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Decrease in Large Transaction Volume of Billions of Dollars
Liquidation data collected by CoinGlass shows that in the last 12 hours, $110 million worth of positions were liquidated, with Ether and BTC positions accounting for the most. Additionally, HBAR experienced $7 million in liquidations as a result of an increase in token volume of over $1 billion, and there was also a $2.3 million PEPE liquidation.
Increased accumulation drove the market recovery last week following the Bitcoin halving. However, as short-term holders started selling, the market is currently experiencing a correction, and Ethereum price is facing heavy selling at the resistance level.
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Decreasing Whale Interest and Ethereum Volatility
According to data from Into The Block, the number of large transactions involving Ethereum over the past week has fallen from $7.7 billion to $5 billion. This drop indicates that the recent price decline has prevented large investors from buying Ethereum, resulting in reduced volatility. In fact, Ethereum volatility has fallen from 62% to 53% at its peak.
However, in the last 48 hours, as Ethereum attempted to break above $3,300, the NVT ratio, which measures network value by transaction volume, has fallen towards 60. The rapid decline in transaction volume compared to network value led to a decline in the NVT ratio towards 60, which indicates that Ethereum may be undervalued. This may indicate that in the coming days there will be a significant recovery.
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What's in store for ETH Price Next?
Ethereum price surged near the $3,300 level, but faced strong selling pressure around that level, leading to a minor correction. As a result, Ethereum price has currently fallen below the immediate Fib level, testing the patience of buyers at $3,100.
The Relative Strength Index (RSI) fell below the midpoint, indicating increasing bearish dominance, and the 20-day EMA appears flat. Ether price may fall from the twenty-day EMA to $3,056, which is an important level for bulls to defend; failure to achieve it could lead to a further decline to $2,850.
Conversely, Ether may attract buyers if it rises above the 20-day EMA. The price could then rise to the 50-day SMA of $3,586 and likely make a profit.
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Conclusion
Despite whale interest and decreasing price volatility in Ethereum, there is still the possibility of a significant recovery. Technical indicators, such as price movement, and other technical components, such as EMA and RSI, offer perspective on possible price direction. Investors can make better decisions about their investment in Ethereum by understanding current market conditions.
How To Buy Ethereum (ETH) With Bittime
You can buy and sell Ethereum (ETH) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH) is available on Bittime with ETH IDR pairing.
To be able to buy ETH tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn How to Buy Ethereum (ETH) on Bittime.
Monitor price chart movements of Ethereum (ETH), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Read Too:
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Crypto Ethereum (ETH) Review: A Complete Guide 2024
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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