Ethereum

Bitcoin

Beacon

Rise

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/price-analysis/ethereum-price-analysis-santiment-expects-eth-price-to-rise-despite-trader-frustration/">Ethereum Price Analysis: Santiment Expects ETH Price to Rise Despite Trader Frustration</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Ethereum’s price is teetering on the edge of a possible daily death cross formation, as the 50-day Moving Average (MA) threatens to cross below the 200-day MA. This potential bearish signal looms large if the recent bullish momentum fails to be sustained in the upcoming weeks. </p> 
<p>Despite an impressive breakout earlier in the week, fueled by Grayscale Investments’ victory over the SEC regarding the Bitcoin ETF application, Ethereum’s price saw a 2 percent dip in Wednesday’s close. Consequently, the past 24 hours have been brutal for many Ethereum leverage traders, with over $4.2 million liquidated.</p> 
<h2 id="key-on-chain-data-pointing-towards-an-ethereum-price-rebound" data-name="key-on-chain-data-pointing-towards-an-ethereum-price-rebound" class="wp-block-heading">Key On-chain Data Pointing Towards an Ethereum Price Rebound</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1fae1.png" alt="🫡" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> is currently sitting at $1,700, and <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> is standing out amongst top caps as the asset traders are growing most impatient with. Historically, when we see wallets disposing of their coins at lower values, price bounce likelihoods increase. <a href="https://t.co/Qm08sxge6x" rel="noopener noreferrer nofollow">https://t.co/Qm08sxge6x</a> <a href="https://t.co/SM7eoze8dI" rel="noopener noreferrer nofollow">pic.twitter.com/SM7eoze8dI</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1697116011781378281?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 31, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Market intelligence platform Santiment’s analysis suggests that the odds of Ethereum’s price staging a rebound in the near future have significantly risen, largely due to heightened trader frustrations. Santiment’s research highlights a historical pattern where prices tend to bounce back following periods of wallet disposals at lower values. Notably, the Ethereum network has recorded a notable ratio of transactions to exchanges, indicating that coins were sent to exchanges at prices lower than their acquisition cost.</p> 
<p>Santiment had previously indicated that prominent Ethereum whales and sharks had been shedding their holdings, particularly after the Shanghai upgrade facilitated withdrawals of staked Ethers from the Beacon chain.</p> 
<h2 id="price-analysis-what-lies-ahead" data-name="price-analysis-what-lies-ahead" class="wp-block-heading">Price Analysis: What Lies Ahead</h2> 
<p>Taking a technical perspective, Ethereum’s price confronts mounting bearish pressure as attempts by bulls to breach the resistance/support level spanning $2,000 to $2,122 have faltered. As a result, crypto analysts are entertaining the possibility of Ethereum’s price descending toward the $1,500 range. This level is anticipated to serve as a significant support zone for the leading smart contract platform.</p> 
<p>Ethereum’s price trajectory hangs in the balance, with the potential for a daily death cross on the horizon. Amidst the market’s fluctuations, on-chain data from Santiment paints a picture of renewed optimism for a price rebound. However, the technical landscape suggests a potential downward movement towards a crucial support level. Traders and investors remain on edge as they closely monitor Ethereum’s next moves.</p>

Ethereum Price Analysis: Santiment Expects ETH Price to Rise Despite Trader Frustration

Table of Contents

CoinPedia News

Other articles published on Aug 31, 2023

Pro Bitcoin Presidential Candidate Francis Suarez Ends Campaign

Bitcoin accumulation continues, exchange holdings hit 5-year low

Incheon Joins Hands with The Sandbox to Promote City in the Metaverse

Top Analyst Sees Troubling Similarities in Bitcoin – The 2021 Bull Trap Fractal Back in Play

Millions in Crypto linked to money laundering seized in Singapore

Vivek Ramaswamy: Grayscale win ‘clears a path’ for Bitcoin innovation

Join our free newsletter for daily crypto updates!