Ethereum

bullish

Optimism

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal">Investors Sell Ethereum Amid Market Downturn</a> 
<a href="https://en.coin-turk.com/ethereums-milestone-a-reflection-of-vitalik-buterins-vision-and-supply-policy-evolution/" data-wpel-link="internal">Ethereum</a> price is facing a downward trend due to significant investor group actions. These <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> have pushed the altcoin price lower than what optimistic individual investors could. Ethereum’s price is currently declining, influenced by the broader market downturn and a tepid response to spot Ethereum ETF launches. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-ethereum">What is Happening with Ethereum?</h2> 
The situation is further complicated by medium and long-term holders choosing to sell for profit. These investors typically help maintain price stability even in bearish markets. However, their selling decisions can halt the most promising bullish trends. Approximately 740,000 Ethereum worth about $2.4 billion were sold in the last seven days. This supply was last active between six months and two years ago. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374610 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/glassnode-4.webp" alt="" width="1800" height="1013"> 
This development worsened the decline but had little impact on individual investors. According to the Net Unrealized Profit/Loss (NUPL) indicator, these investors remain optimistic about a potential price increase. The indicator is currently in the Optimism zone, signaling that Ethereum holders expect gains in upcoming trading sessions. Whether this optimism is strong enough to lift Ethereum’s price remains uncertain. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374609 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-veri.webp" alt="" width="1800" height="1013"> 
<h2 class="p1" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2> 
Ethereum price is holding firmly above the 23.6% Fibonacci Retracement line, known as the bear market support base. This support prevents further declines but skepticism also hinders a rise. Ethereum is stuck below the 38.2% Fibonacci line at $3,304 and is attempting a breakout. Beyond this, a rise might struggle to surpass the 50% Fib line at $3,455. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374607 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-grafik.webp" alt="" width="1804" height="808"> 
However, if the selling and broader market downturn persist, a drop to the 23.6% Fib line and below $3,118 is possible, invalidating the neutral-bullish thesis. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal">Investors Sell Ethereum Amid Market Downturn</a></h5>
The post <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal">Investors Sell Ethereum Amid Market Downturn</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Investors Sell Ethereum Amid Market Downturn

Daftar Isi

COINTURK NEWS

Artikel lain yang dipublikasikan pada 28 Jul 2024

Post-Bitcoin 2024 Conference: Cryptos Ready to Take Off – Monetize On The Main Crypto Event Of Jule

Solana (SOL) Price Breaks Out, Eyeing To Capture $200 Mark?

Technical Indicators Show Strong Bitcoin Bullishness – New ATH On The Horizon?

The Fed prohibits Iraq from using its dollars AND its yuans.

Hong Kong Legislator, Johnny Wu, Eyes Bitcoin for Fiscal Reserves

Ripple Partner SBI Holdings & Franklin Templeton Partnership: Could Spot XRP ETFs Be Next?

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!