Bittime – Ethereum (ETH) is currently trading around the $3,900 level, but there are indications that selling pressure may increase in the near term. On-chain data shows that Ethereum on exchanges have surged to the highest level since January 2024.
Ethereum Exchange Inflow Surge
According to data from IntoTheBlock, the amount of Ether flowing into exchanges reached its peak since January. On Saturday, net deposits to exchanges reached 140,660 ETH, marking the largest net inflow in more than four months. High inflows to an exchange are usually an indication that investors are preparing to sell their assets. This could be because they want to take advantage or respond to fear, uncertainty and doubt (FUD) in the market.
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Benefits of Long Term Investing in Ethereum
A number of long-term Ethereum investors appear to be starting to take profits amid the recent surge in ETH prices . According to data from Lookonchain, a smart investor recently sold 3,025 ETH for 11.8 million DAI at $3,904 per ETH, making a profit of around $1.11 million. These investors had previously accumulated 17,770 ETH between 2017 and 2020 at an average price of $182 per ETH. They have also sold part of their holdings in March 2024 at a price of $3,503 per ETH, resulting in a significant profit of around $59 million.
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Although Ethereum (ETH) price has approached the $4,000 mark, there needs to be a break higher to confirm bullish momentum. Analyst Tuur Demeester notes that the Ethereum market euphoria has not yet fully set in.
In a post on May 25, Demeester highlighted that the ETH/BTC pair would need to break the 0.06 level to turn bullish. At the time of publication, the ETH/BTC pair was trading at 0.056, with the 50-week simple moving average (SMA) providing immediate support.
To increase the chances of the long-term descending trend line reversing into support, the price needs to maintain this level. If successful, ETH/BTC is expected to rise and face resistance at the 0.06 level, marked by the 200-week SMA.
Also read: Ethereum History Story: How Ethereum Became Popular
Anticipating Ethereum's Next Price Movement
With a surge in Ethereum inflows to exchanges, investors should remain alert to the potential for significant price declines. High inflows to an exchange are often a sign that investors are preparing to sell their assets, which can lead to increased selling pressure and falling prices. On the other hand, the bullish momentum indicated in the ETH/BTC pair suggests the potential for further upside if the key resistance level is successfully broken.
Currently, Ethereum is showing signs of uncertainty in the market with a surge in inflows to exchanges and long-term investors starting to take profits. However, the potential for bullish momentum still exists, especially if the ETH/BTC pair can break through critical resistance levels. For investors, it is important to monitor market developments and technical analysis to make informed decisions regarding their Ethereum investments.
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Thus, despite possible increasing selling pressure, the opportunity for Ethereum price upside remains open if the market can maintain key levels and break existing resistance.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets 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.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Ethereum Price Problem: Is Ethereum Price Recovery in Danger?
Understanding Ethereum Transactions
Ethereum: Towards a New Future with Layer-2 and Ethereum 2.0
ETH IDR : Ethereum ETF Prospects, SEC Postpones Grayscale Ethereum Spot ETF Decision
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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