Ethereum

A Bullish Indicator Reflects Ethereum(ETH) Price To Stabilize Soon, But Till When?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 14, 2021

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Highlights

    Ethereum price slides down and hovers below $4000 manifesting the strong bearish trend to haunt the crypto space very soon

    Despite the bearish trend prevailing in the space, yet some factors showcase huge possibilities of the asset ranging high to hit $5000 very soon

With the bitcoin price trembling down most of the popular assets tend to undergo a notable downtrend. The second-largest crypto Ethereum is also following a deep downtrend and hovering below $3800. The asset lost as much as 10% of its value during the previous day’s trade that ended on a bearish note. However, despite the downbeat getting heated up, yet the chances of a fair reversal are still alive. 

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Trades Long ETH/USD Pair 

The long positions were liquidated heavily a month ago and since then no notable longs were open. However, ever since the asset slides below $4000, the traders are entered into long trade constantly. A whale is suspected to have opened a long trade on ETH/USD pair on Bitfinex after a pretty long gap. And hence a price reversal has been speculated from this move. 

Ethereum Exchange Reserves Deplete

The reserves on the exchanges indicate the upcoming move of the asset. As if the reserves increase, then the asset could face a notable plunge as the traders are liquidating the asset. However, on the contrary, the depleting reserves signify the increased rate of holdings in the wallet. And hence could be a bullish indicator. Currently, as per Santiment, ETH addresses on the exchange are at the lowest point and the top 10 non-exchange wallet addresses are increasing rapidly. Hence indicating the HODL sentiment flourishing within the space. 

Collectively, Ethereum is considered one of the secure investments among all the crypto assets. While many surges and plunge with a huge margin, yet some assets like ETH price choose to undergo a slow yet steady rally. And hence the current downtrend is expected to ease very soon so that the asset resumes its rally towards the $5000 target very soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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