Ethereum Exchange Supply Increases, Correction At $700 Or Lower Distinct Possibility
Last week was a good week for Ethereum (ETH) after it bounced by an appreciable margin. However Bearish sentiments have once again hit the number two crypto asset and it is trading at a price of $1,020.92, 9.50% down with a market cap of $123,872,288,330.
Well known market analyst Ali Martinez quoting data from Glassnode, said that there has been a huge surge in ETH exchange supply on the exchanges recently. He added that 200,000 $ETH. Worth over $200 million, have been sent to known cryptocurrency exchange wallets over the past five days.
Ethereum could be into another steep price correction episode as per Ali Martinez. There has been a steep rise in ETH addresses that have come under losses with the recent correction. This could trigger another sell-off. There are 468,000 addresses with more than 7 million #ETH which are in the red and a spike in selling pressure could trigger a downswing to $700 or even $600.
Ethereum Whales Buying Spree Continues
Despite the current mayhem in the crypto market, the ETH whales are continuing their buying spree and have continued to show strength with periodic accumulations. Ethereum shark and whale addresses (holding between 100 to 100k $ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip.
As of now the market sentiments looks deeply bearish and global macro factors are playing a key role in it. The US common consumer confidence is at its lowest the effects of the market will surely be felt on the crypto sector also.The Crypto Secor is closely linked to the market and any bearish sentiments in the market also effects the Crypto Segment.