Ethereum has lost steam after a week of trading in profits. The elements for a potential extension of the bullish momentum were laid out in the macro-economic stage. Still, rising tensions between China and the United States have brought back uncertainty to the global financial world. U.S. Congresswoman and Speaker of the House of Representatives Nancy Pelosi visited Taiwan earlier this week. Her visit is controversial, as Taiwan is considered a territory in open rebellion by China. The latter responded to Pelosi’s visit by firing artillery near Taiwan and announcing military exercises, the Asian giant considers this an “act of provocation”. So, tensions about a potential conflict between the U.S., Taiwan, and China in the near future emerged. Investment firm Cumberland believes the above … [Read More...]
Ethereum Bullish Signal: Exchange Inflows Decline To Low Values
On-chain data shows the Ethereum exchange inflows have declined to low values recently, a sign that could be bullish for the crypto’s price. Ethereum 7-day MA Exchange Inflows Have Gone Down In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the ETH price has been reversing up as the PoS merge comes near. The “exchange inflow” is an indicator that measures the total amount of Ethereum moving into wallets of all centralized exchanges. When the value of this metric shoots up, it means a large number of coins are being deposited into exchanges right now. Since investors usually transfer to exchanges for selling purposes, such a trend can be bearish for the price of the crypto. On the other hand, … [Read More...]
TA: Ethereum Recovery Faces Major Hurdle, Risk of Fresh Decline Exits
Ethereum declined towards $1,350 before recovering higher against the US Dollar. ETH is now facing a major resistance near the $1,460 and $1,500 levels. Ethereum extended losses and traded below the $1,400 level. The price is now trading below $1,460 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $1,440 on the hourly chart of ETH/USD (data feed via Kraken). The pair could struggle to recover above the $1,440 and $1,460 resistance levels. Ethereum Price Remains In Bearish Zone Ethereum remained in a bearish zone below the $1,500 level. ETH started another decline and traded below the key $1,400 support zone. The price even spiked below the $1,360 level and traded as low as $1,257. It is now … [Read More...]