Ethereum [ETH] is having another bearish week as crypto bears dominate the market. Here are some of the latest observations that may provide insight into the supply and demand dynamics of ETH. Especially now that everyone is wondering what the market’s next move will be.

Here’s AMBCrpto’s Price Forecast for Ethereum (ETH)

Some of Glassnode’s latest warnings highlight interesting observations regarding Ethereum. For example, the number of ETH addresses with at least one ETH hit a new record of 1.59 million addresses.

This observation confirms that investors are accumulating ETH at lower prices. At this rate, it’s only a matter of time before demand overwhelms selling pressure, causing a bend. This assumes that those addresses don’t sell in panic.

Source: Santiment

Interestingly, selling pressure also showed signs of slowing down. The number of shipping addresses fell to 12,157,589, the lowest level in the past three months.

ETH had favorable net outflows from exchanges at press time. The outflow volumes from the exchange were more than 24,000 ETH greater than the inflow volumes. This equates to approximately $30 million in scholarship outflows.

Source: Glassnode

ETH showed significant selling pressure despite the accumulation. Sending addresses was still more important than receiving addresses, despite a notable drop over the past three days. In particular, the receiving addresses registered a net increase in the same three-day period.

Can the bulls win the fight?

ETH bears have managed to push the price below the September support line in the past 24 hours, press time. It fell as low as $1190 before a significant pullback.

The latter confirms that there was strong inbound buying pressure after crossing the short-term support near the $1250 level.

Source: TradingView

ETH had already pulled back above the same near-term support level at press time. This reflects the strong demand that the cryptocurrency amassed after it fell below the same level.

Investors now need to keep an eye on whether demand will continue to increase and whether selling pressures will ease.

What to expect in the future?

Some of the aforementioned stats have already confirmed significant accumulation near the current lows. A continued increase in demand could turn the story in favor of the bulls and support a significant advantage.

On the other hand, investors should also be on the lookout for the possibility of capitulation if ETH fails to bring in enough volume for a relief rally.

Current sentiment favors a bullish outlook. Funding rates indicate that the derivatives market has shifted rapidly after the latest bearish outcome.

Source: Santiment

Both DYDX and Binance funding rates have recovered, confirming that demand for derivatives has increased near the lower range.

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