Ethereum

Ethereum Price Show Signs Of Bullish Reversal: Fake Out or Actual Bounce? What’s Next

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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May 7, 2022

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Cryptocurrency prices today continued to decline with Bitcoin falling below the $35,000 level. The world’s largest and most popular cryptocurrency was trading more than a percent lower at $35,940. The global crypto market’s value today slipped over 8% in the past 24 hours to $1.76 trillion.

Amid volatility and fear in the market, Ethereum price and major altcoins continue to bleed on Saturday. The second-largest cryptocurrency followed the footprint of Bitcoin in a major downward trend on Friday as investors remain fearful. 

Ethereum price also started a major decline from the $2,950 resistance and tested $2,700 before recovering. It is now consolidating near the $2,750 level and might face resistance near the $2,800 level.

Ethereum Shows Signs of bottoming out

Santiment, an on-chain data source, recently tweeted that the amount of ETH transfers, while participant addresses were losing money, outnumbered those when wallets were profitable by nearly 3.4 times. Over the last 3.5 years, this ratio has increased the most (since mid-November 2018). The Santiment team feels that this is a hint that Ethereum is nearing its bottom.

According to data published by Glassnode, the number of Ethereum wallets in loss has reached a 2-year high, hitting 24,513,674.851. The number of profitable ETH wallets has plummeted to 55,470,222.548, a one-month low.

Despite the fact that Ethereum has lost slightly more than $1,000 since the beginning of the year, falling to $2,661, fresh investors continue to pour into the ecosystem. According to Glassnode, the number of non-zero wallets has reached an all-time high of 80,166,298.

Small investors are also pouring in with the number of wallets holding 0.01 or more ETH reaching an all-time high of 22,629,104.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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