Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-investors-witness-price-fluctuations-and-whale-accumulation/" data-wpel-link="internal">Ethereum Investors Witness Price Fluctuations and Whale Accumulation</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/volatility-continues-in-crypto-markets-as-altcoins-rally/" data-wpel-link="internal">Ethereum</a> (ETH)</strong> <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> were excited last week as the leading smart contract platform’s price once again exceeded $3.9k. However, ETH couldn’t maintain its momentum and quickly fell from this level. Additionally, whales took the opportunity to accumulate more ETH.</p> 
<h2 id="expert-opinion-on-eth">Expert Opinion on ETH</h2> 
<p style="text-align: justify">ETH experienced a rapid rise last week, surpassing $3.9k on May 27. However, as its value dropped, bears took advantage of the situation. The approval of the <strong>ETH</strong> ETF last week did not provide significant growth for the cryptocurrency. According to CoinMarketCap, ETH fell by over 1% in the past seven days. At the time of writing, the token was trading at $3,759.66 with a market cap of over $451 billion.</p> 
<p style="text-align: justify">A popular <strong>cryptocurrency</strong> analyst, Ali, shared a tweet highlighting a notable increase in Ethereum addresses holding over 10,000 ETH recently. This increase in address numbers may indicate that whales are moving from the distribution phase to the accumulation phase. A look at <strong>Glassnode</strong> <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> pointed to another metric indicating an increase in accumulation.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-358070 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/glassnode-1.jpg" alt="" width="646" height="363"></p> 
<h2 id="ethereum-exchange-reserves">Ethereum Exchange Reserves</h2> 
<p style="text-align: justify"><strong>Ethereum’s</strong> balance on exchanges saw a significant drop on May 30, which could indicate high buying pressure. Although the mentioned data suggests that investors are buying ETH, CryptoQuant data does not show the same situation. According to analyses, Ethereum’s net deposits on exchanges were high compared to the seven-day average, indicating an increase in selling pressure. Moreover, ETH’s Coinbase Premium was on a downward trend. This clearly suggests a dominant selling tendency among US investors.</p> 
<p style="text-align: justify">The possible reason behind this could be the overbuying of ETH. Both <strong>ETH’s</strong> relative strength index (RSI) and stochastic were in overbought positions. The MACD technical indicator suggested a likelihood of a bearish trend. The money flow index (MFI) recorded a slight decline. According to the Bollinger Bands, ETH’s price was in a highly volatile region and was still trading well above the 20-day simple moving average (SMA).</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-investors-witness-price-fluctuations-and-whale-accumulation/" data-wpel-link="internal">Ethereum Investors Witness Price Fluctuations and Whale Accumulation</a></h5>

Ethereum Investors Witness Price Fluctuations and Whale Accumulation

Table of Contents

COINTURK NEWS

Other articles published on May 31, 2024

ARPA Network Secures $6M Investment to Advance On-Chain Gaming and Cryptographic AI

Altcoins with Revolutionary Technology

Which Altcoins Will Be Volatile in June?

Presale Powerhouse: MoonBag Rockets Past Competitors in Crypto Craze!

Patrick McHenry Calls for Senate Action on Crypto Bill FIT21 Pre-Election

Dogecoin (DOGE) Demand Decreases In Tandem With Price Drop: Analyst

Join our free newsletter for daily crypto updates!