Ethereum’s surging trader losses: A short-term setback or an opportunity?

Multiple ETH signals have indicated the possibility of a relief rally. Instead, it has been struggling to maintain bullish momentum, an outcome that could risk capitulation.kicked off this week with a sharp pullback compared to the previous bullish attempt in the last week of September. However, recent observations may give insights into the current demand dynamics and where ETH is headed.ETH, like most other cryptocurrencies, has been experiencing a slow phase in the market.

A recent Santiment analysis highlighted the impact of those concerns as ETH holders experienced some panic selling recently. The analysis suggested that the market was still in a short-term profit-taking mood despite the surging sell pressure.traders showed some mild signs of panic yesterday, and their networks showed some of the highest levels of trader loss taking all year long. These are typically signs of a short-term rebound opportunity..

The Santiment analysis also suggested that the dip represented an opportunity for short-term recovery. ETH exchanged hands at $1648 at press time after a 2.29% upside in the last 24 hours. This reflected the Santiment statement that the dip would represent an opportunity for short-term gains.bands. The recent pivot coupled with the surge in liquidity indicated by the Money Flow Index .

ETH’s declining confidence could be for one major reason. The cryptocurrency was substantially discounted from mid-July highs to its most recent lows just before mid-September. Multiple signals have indicated the possibility of a relief rally. Instead, it has been struggling to maintain bullish momentum, an outcome that could risk capitulation.According to the above chart, ETH Addresses Holding at least 1,000 and 10,000 ETH, stood at a three-month low at press time. Despite these findings, the Top ETH Addresses have been growing in the last four weeks. A sign that the largest whales were still buying, thus protecting the cryptocurrency from more downside..

Coin Coin Latest News, Coin Coin Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

A rundown of what transpired with BTC, ETH, and the rest in Q3The third quarter (Q3) was full of twists and turns for the crypto market led by Bitcoin [BTC]. At some point, market participants
Source: CryptoAmb - 🏆 22. / 68 Read more »

ETH bulls suffer a setback after reaching $1750, can they recover?Ethereum succeeded in moving past $1700, but the obstinate $1750 level didn't give way, and now ETH is headed back to the local lows
Source: CryptoAmb - 🏆 22. / 68 Read more »

Ethereum fails to react as exchange outflow hits highest since AugustOn 4 October, over 110,000 Ethereum [ETH] coins, worth around $177.65 million, were withdrawn from known crypto exchange wallets, marking...
Source: CryptoAmb - 🏆 22. / 68 Read more »

OpenSea: Ethereum and Polygon NFT sales hit 2023 lowsThe monthly sales volume of Ethereum and Polygon-based non-fungible tokens (NFTs) on the leading marketplace OpenSea closed September at...
Source: CryptoAmb - 🏆 22. / 68 Read more »

JPMorgan warns of Ethereum centralization risks after Merge upgradeitemprop=description content=JPMorgan analysts have warned that the Ethereum Merge has increased centralization on the network, opening it to a number of risks and manipulation.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Ethereum transaction fees drop dramatically – here’s the reasonEthereum's transaction fees plunged to levels not seen in nearly a year as scaling solutions helped massively in reducing load.
Source: CryptoAmb - 🏆 22. / 68 Read more »