- ETH holders keep assets off exchanges as prices fall.
- Ethereum’s decentralized revolution gains momentum.
- The bearish trend for ETH shows no signs of stopping.
As Ethereum’s price drops, its true believers are taking a stand – by holding onto their assets outside of exchanges. The latest data reveals that the percentage of Ethereum on exchanges has hit an all-time low since trading began in 2015, with non-exchange holdings reaching an all-time high.
This surge reflects the people’s recognition of the importance of taking control of their assets and securing them in personal wallets and storage devices. Furthermore, it signals that the decentralized revolution is gaining momentum and that Ethereum’s value lies beyond centralized exchanges’ walls.
? As #Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of $ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the #AllTimeHigh for non-exchange holdings. https://t.co/WVmeAJhhMM pic.twitter.com/eMXoRh9R76
— Santiment (@santimentfeed) May 11, 2023
As a result, in the past 24 hours, bears took control of the Ethereum market (ETH), driving prices from an Intraday high of $1836.07 to an intraday low of $1742.40. At the time of writing, ETH’s price was $1748.52, down 4.51% from the previous closing.
ETH’s market capitalization and 24-hour trading volume decreased by 2.55% and 9.34% to $214,685, 637,193, and $9,158,703,730, respectively. The decline may be attributed to the market’s general bearish sentiment, which has been impacted by investor unease and regulatory uncertainties.
The readings of the Aroon up and down are 28.57% and 100.00%, respectively, on the ETH market’s 4-hour price chart. This move suggests that the downtrend in ETH’s market is strong and is likely to last for the foreseeable future. Therefore, traders looking to go long on ETH should exercise caution and refrain from opening positions until the market conditions are more favorable.
On the 4-hour price chart of the ETH market, the Fisher Transform indicator has a value of -4.03 and is below the signal line, with a line pointing south. This movement suggests a short-term bearish trend for Ethereum. Before the Fisher Transform indicator crosses above its signal line and turns to face north, traders may want to sell or short ETH.
With a value of -79.91 and a line facing south on the price chart, the Chande Momentum Oscillator (ChandeMO) indicates a downward trend in the market. Traders and investors may interpret the bearish signal as a warning to sell or hold off on buying ETH until the momentum changes for the better.
On the 4-hour price chart of the ETH market, the MACD blue line points south and is below the signal line with a value of -26.99, indicating a potential sell-off. This move demonstrates the market’s continued bearishness.
In conclusion, Ethereum’s believers hold on tight as ETH leaves exchanges and hits an all-time high, despite current bearish sentiment.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.