Ethereum

Rally

Coin

<ul class="news-points">
 <li>ETH price is not a result of rising demand, claims analyst Crypto Lion.&nbsp;</li>
 <li>ETH’s “Exchange Withdrawing Transactions” deviated significantly from ETH price.</li>
 <li>The surge in ETH’s price is a result of rising Open Interests.</li>
</ul>
Ethereum’s recent price surge may be built on shaky ground, according to analyst ‘Crypto Lion’ in a <a href="https://cryptoquant.com/insights/quicktake/66a8404c00442146d870de7d-No-demand-for-ETH-Leverage-remains-50-higher" target="_blank" rel="noopener noreferrer nofollow">‘Quicktake’</a> on blockchain analytics platform CryptoQuant. The analyst cautioned that a correction could be imminent, citing data that suggests a lack of genuine demand for Ether, despite recent gains driven by the approval of ETH ETFs.
Crypto Lion highlighted the lack of demand for Ether, citing the “Exchange Withdrawing Transactions” diverging significantly from the digital asset’s price trajectory. “This means that physical withdrawals are declining, so it is safe to assume that there is simply no demand,” the analyst stated:
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
 “This means that physical withdrawals are declining, so it is safe to assume that there is simply no demand.”
</blockquote>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfDUJU_nIdHGbqiCc_IU0Heiu76n-aQy3D1zyTWWT_DyJpu2VrhW4qyOW6M9RGrvGqIK6nKW5NJXmgP28-19WNsx4bf6Md4kvbwei6Jr9UTJPSdxy0sY6PUEAQ4N1sehbwHEph9k2uqT4Q6-45bJiOdfs5f?key=leCyaeFhCrje2EIuMto-9g" alt="">
</figure>
According to Crypto Lion, the price of Ether is being driven higher by the Estimated Leverage Ratio (ELR) of ETH which printed monumental gains just before mid-May <a href="https://coinedition.com/eth-etf-approval-the-catalyst-for-altcoin-season-2024/" rel="noopener noreferrer nofollow">when the ETH ETF was approve…</a>
The post <a href="https://coinedition.com/ethereum-price-rally-challenged-by-data-analyst-sees-no-demand-for-eth/" rel="noopener noreferrer nofollow">Ethereum Price Rally Challenged by Data: Analyst Sees ‘No Demand’ for ETH</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Ethereum Price Rally Challenged by Data: Analyst Sees ‘No Demand’ for ETH

Coin Edition

Další články publikované 30. 7. 2024

Bank of England rolls out consultation paper for wholesale CBDC

Trump to Presidency, Bitcoin to new gold?! Crypto Market is Getting Ready for Unseen Surge

Investors Shun MATIC Due to Doubts

‘Step Up’: Justin Sun Calls For Change In China’s Crypto Stance Following Trump’s Speech

Final Call to Invest: AI Altcoins Crypto Whales Are Eyeing: Get in Before the Bull Run Hits!

Vice President Harris’ meme coin KAMA sees 26x price increase in one month

Join our free newsletter for daily crypto updates!