• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Siemens and MIT Tech Review Probe ‘The Emergent Industrial Metaverse’

    2023-03-30

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

    2023-03-31

    XRP Perpetual Futures Open Interest skyrockets to $610 million

    2023-03-31

    CNBC’s Jim Cramer calls Binance “way too sketchy”

    2023-03-31

    Bitcoin reclaims $28k despite potential regulatory woes from Binance lawsuit

    2023-03-31

    Binance daily withdrawals double as users report problems off-ramping

    2023-03-31
  • Learn

    Best Bitcoin Mining Software — TOP Crypto Miners to Use in 2023

    2023-03-30

    Next Cryptocurrency to Explode 2023

    2023-03-30

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17
  • Market Cap
CryptoNewsMetaverse
Home»Altcoins»Ethereum [ETH]: Bears gear up to draw curtains on recent price rally
Altcoins

Ethereum [ETH]: Bears gear up to draw curtains on recent price rally

2023-01-17No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email
  • ETH saw its highest profit transaction ratio since October 2021.
  • On-chain data suggested that a local top has been reached.

Currently trading at its pre-FTX level, leading altcoin Ethereum [ETH] logged its highest profit transaction ratio since October 2021 on 16 January, data from Santiment revealed. 

💸 Are #crypto markets seeing a top? Traders are behaving like they believe so, taking this opportunity to profit take while given the chance. #Bitcoin is seeing its highest profit tx ratio since Feb, 2021. For #Ethereum, it’s the highest since Oct, 2021. https://t.co/GFrtZtFIYP pic.twitter.com/yqDc2uDPuR

— Santiment (@santimentfeed) January 16, 2023


Is your portfolio green? Check out the ETH Profit Calculator


As reported by the on-chain analytics tool, before the latest high, the highest profit transaction ratio for ETH in the last two years had been 1.50 on 28 October, 2021. During that time, the price per ETH oscillated between $3500 and $4500 to register an all-time high.

Since then, ETH’s value declined by over 60%, data from CoinMarketCap showed. 

Source: Santiment

Is the “top” in?

Typically, when the ratio of daily on-chain transaction volume in profit is greater than that in loss, it is often interpreted as a sign that a local top has been reached, and that investors were taking profits before the potential start of a price reversal.

ETH’s exchange activity in the past three days confirmed the alt’s holders’ profit-taking activities. According to data from Santiment, since 13 January, the supply of ETH on exchanges grew by 1%. 

Conversely, its supply outside of exchanges also fell by 1% within the same period. Per CryptoQuant, the uptick in ETH’s supply on exchanges in the past four days caused the total number of coins held on exchanges to be pegged at 18.30 million ETH at press time. 

Source: Santiment

When a crypto’s supply on exchanges exceeds the number held off exchanges, it indicates that many asset holders were willing to sell their holdings on the open market at press time. This was typically a sign of weakening demand, as holders chose to liquidate their positions rather than hold on to them.

Further, the waning demand for ETH in the past few days presented a decline in the alt’s Open Interest. According to Coinglass, at $6.04 billion as of this writing, ETH’s Open Interest fell by 8% in the last week. 

Source: Coinglass

Has Ethereum reached its peak?

On 14 January, ETH saw a severe spike in social mentions, which was its highest value in the past 90 days. 


Read Ethereum’s [ETH] Price Prediction 2023-24


High levels of social mentions, particularly during a price rally, can indicate that the hype surrounding a coin has reached its peak. This can be due to the large number of investors becoming overly optimistic about the coin’s market performance and buying into it based on fear of missing out (FOMO).

Most times, these spikes in social mentions coincided with local price highs and are often followed by a period of price stabilization or decline.

Source: Santiment



Source link

Bears curtains draw ETH Ethereum Gear Price rally
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

$852,000,000 in Ethereum, Polygon, Fantom and Additional Altcoins Have Left Binance Following CFTC Lawsuit: Nansen

2023-03-30

CFTC Says Bitcoin, Ethereum and Litecoin Are Commodities in Lawsuit Against Binance and CEO Changpeng Zhao

2023-03-29

Crypto Analyst Nicholas Merten Says Fed Money Printing Won’t Spark New Bitcoin (BTC) Rally – Here’s Why

2023-03-26

Bitcoin and Ethereum Investors Are Not Flinching, US Pressure on Crypto Will Backfire: Chris Burniske

2023-03-26
Add A Comment

Leave A Reply Cancel Reply

Top Posts

GameFi slows down but Avalanche shows signs of resurgence- Here’s why

2022-08-23

Crypto tracker picks up trail of funds heisted from Harmony Bridge in June

2023-01-24

GameFi News: Tilting Point partners with Polygon Studios and LootRush raises $12M

2022-05-05

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

FTX Founder Sam Bankman-Fried Pleads Not Guilty to New Charges, Including Bribery of Chinese Officials: Report

2023-03-31

XRP Perpetual Futures Open Interest skyrockets to $610 million

2023-03-31

CNBC’s Jim Cramer calls Binance “way too sketchy”

2023-03-31
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$28,557.001.47%
  • ethereumEthereum(ETH)$1,828.381.78%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.05%
  • binancecoinBNB(BNB)$317.32-0.05%
  • usd-coinUSD Coin(USDC)$1.000.15%
  • rippleXRP(XRP)$0.540.11%
  • cardanoCardano(ADA)$0.4045206.86%
  • Lido Staked EtherLido Staked Ether(STETH)$1,821.561.73%
  • dogecoinDogecoin(DOGE)$0.0768582.84%