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Wednesday, October 27, 2021

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For Ethereum, the only way out of here is up, BUT there is a catch

Ethereum along with the rest of the market is bleeding today. The drop witnessed today is catching up with the drop witnessed on September 7 when Ethereum fell 12.69%. Usually, the price of ETH decides the profitability and losses of investors, so when the price goes up, it saves them from any losses.

However, as it seems, this time around ETH investors will be the ones to save Ethereum.

Ethereum goes down

While most of the market is seeing a price drop today, Ethereum has been experiencing a drop for almost 5 days. Since September 16, the second-largest cryptocurrency has fallen 18.79% at the time of this report.

Ethereum 18.79% drop | Source: TradingView – AMBCrypto

This price drop could have been triggered by the formation of a ceiling in the market as the total supply of ETH earnings reached 97% on September 15. This was followed by a series of long liquidations in which $ 243.8 million in ETH was settled. Including today only when $ 192 million was settled.

Ethereum liquidations at $ 243 million | Source: Coinalyze – AMBCrypto

What about investors?

The price drop seen today resulted in investors slowing down and HODLen their ETH even more. However, the most support came from medium-term holders whose holdings reached a 5-year high of 32.6 million ETH.

Ethereum Medium Term Holder Supply | Source: Glassnode – AMBCrypto

The interesting thing to note here was that more than 2 million addresses lost their profitability in the last 5 days. Even then his HODLing continues from today. However, some sales were observed in the market, coming from short-term traders. These investors barely had the coin for a month.

Ethereum HODLers | Source: Glassnode – AMBCrypto

However, as they come out, new investors have taken their place. This was visible from the nonzero directions that reached an all-time high of 62 million.

Due to the previous price drop, Ethereum’s RSI is already in the bearish zone, so hopefully the only way to raise the price from here is. But ETH investors will go a long way in preventing a major price drop by not ditching their holdings.

Ethereum addresses with balance in an ATH | Source: Glassnode – AMBCrypto

This is a machine translation of our English version.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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