Ethereum

Convergence

bullish

Divergence

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Ethereum’s exchange reserves continue to decrease despite large holders selling off their shares.</li> 
 <li>Ethereum’s market remains bearish with the cryptocurrency trading below key price levels.</li> 
</ul>  
<p>Despite facing resistance at key price levels in recent weeks, <a href="https://coineagle.com/price/ethereum/">Ethereum</a> has continued to see a decline in exchange reserves.</p> 
<h2 id="ethereum-sell-offs">Ethereum Sell-offs</h2> 
<p>Recent data suggests that an Ethereum whale sold 6,900 ETH, worth around $17.87 million. This indicates a significant shift in the whale’s behavior, moving from an accumulation phase to a selling phase.</p> 
<p>Despite this, the netflow metric for Ethereum does not show a clear dominance of inflows to exchanges, suggesting a balance between inflows and outflows.</p> 
<h2 id="declining-ethereum-reserves">Declining Ethereum Reserves</h2> 
<p>Despite the sell-offs, Ethereum’s exchange reserves continue to decline. This suggests that a significant amount of Ethereum is still being withdrawn from exchanges, which could be seen as a bullish sign as it implies a shrinking supply of ETH available for immediate trading.</p> 
<p>At the time of writing, Ethereum was trading at approximately $2,512, following a nearly 1% decline. Analysis of its Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) suggests that Ethereum is currently in a bearish trend.</p> 
<p>The RSI was below 40, indicating a strong bearish phase. The MACD’s signal lines were below zero, suggesting that the bears are still in control.</p>

Massive Ethereum Disposal by Whale: Should Investors Be Concerned?

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CoinEagle.com

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