ETH whales might sway the market as accumulation takes place.
is facing the barrel of potential capitulation all over again as the bulls struggle to secure momentum. ETH managed to restest a short-term support level again. However, it might lose that support if the bears extend their dominance.ETH’s sideways price action since the start of September shared similarities with its performance in the second week of August. Capitulation followed that sideways activity, leading to an 11% downside.
A look at the latest on-chain performance may offer noteworthy insights. For example, the latest Glassnode data revealed that the number of has been on the rise. It could indicate that ETH is flowing from private addresses onto exchanges. This is usually considered a sign of sell pressure or that investors are preparing to sell.
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