Ethereum is currently ranging around $2,200, with its price undergoing a calm volatility in the past 7 days. New data from Santiment has revealed the current sentiment among Ethereum whale addresses, as the total supply on exchanges recently hit a new low. According to the on-chain analytics platform, more than 240,000 ETH have left 10 of the biggest ETH exchange wallets in the past 24 hours. 

As a result, the cumulative number of ETH deposited across crypto exchanges dropped from 8.03 million ETH to 7.79 million ETH in a single day, one of the largest it has ever seen. With the current price of ETH hovering around $2,200, this represents a drop of over $528 million worth of ETH in exchange balances. 

Ethereum Exchange Supply Plummets

Ethereum is currently down by 1.74% in the past 24 hours and is currently retesting its breakout level of around $2,200 which seems to have turned into a support. However, the drastic drop in Ethereum balances on exchanges is a very bullish sign for ETH. With less ETH available on exchanges, supply is reduced.

ETH whales have been on a buying spree since the beginning of the month, as many look forward to an extended bull run at the dawn of the new year. Data from IntoTheBlock put a 98.52% increase in exchange outflow volume in the past 30 days. Just last week alone, whales bought more than 100,000 ETH worth $230 million. 

This sentiment continued into this week, with 240,000 ETH leaving exchanges in 24 hours, leading to a 2.99% drop in coins held on exchanges. According to Santiment, only 8.07% of Ethereum’s total supply currently sits on exchanges, the lowest it has ever been.  

As #Ethereum‘s market value hangs just above $2,170, the largest exchange wallets continue to move coins into smaller wallets or off exchanges entirely. 240K $ETH has been collectively moved from these wallets in 24 hours, a 2.99% drop in coins held. https://t.co/Fw7lKcVZan pic.twitter.com/AMFPDL4BXp

— Santiment (@santimentfeed) December 19, 2023

ETH has failed to clear the $2,250 price level, falling to $2,120 in the late hours of December 19. At the time of writing, ETH is now trading at $2,208. Price action suggests the crypto is still yet to gain strong traction among retail investors and is ongoing a retest.

According to crypto analyst Ali Martinez, Ethereum is bouncing around its breakout zone from an ascending triangle. If this consolidation continues, we could see a price range between $2,150 and $1,900 before a breakout to a target of $3,500.  

#Ethereum is currently retesting its breakout zone from an ascending triangle, hinting at preparation for a further climb.

The price range between $2,150 and $1,900 could be the ideal zone for accumulation before #ETH sets its sights on a higher target of $3,500. pic.twitter.com/6lGZT0ZKgv

— Ali (@ali_charts) December 20, 2023

Ethereum is up by 82.67% this year and the outlook for 2024 remains bullish. According to crypto analyst Altcoin Daily, ETH’s journey to $10,000 seems sure at the moment, pending Ethereum Spot ETFs a major catalyst for this price growth.

ETH bulls continue to maintain control | Source: ETHUSD on Tradingview.com

Featured image from Cointribune, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Crypto Prices Today:

After having 3 days of trading positively the Crypto prices seems to be getting in the sluggish zone again. All the major coins have been trading in the red. Curve DAO Token is trading low by 7.78%. Solana is down by 6.27% in the last 24 hours. FTX fell by 5.52%. The two largest cryptocurrencies Bitcoin and Ethereum had a setback of 2.10% and 3.56% respectively.

The crypto prices has been down this month following the collapse of a major exchange FTX. However, the market started seeing some signs of recovery as coins started trading on the green by Thursday. The crypto market has sharply fallen by 2.61% in the last 24 hours. Its global market cap is $819.87 billion.

The Biggest Losers As The Market Go Down

Huobi Token has dipped by approximately 11% with the price of each token at $6.45, thus, recording a huge loss.

The sports token Chiliz is also down by 6.93% despite the football world cup going on. Litecoin is downwards by 6.63% and stands at $71.68.

Dogecoin, which got a double-digit pump on Black Friday is also down by approximately 3%. The sports token, ARG has taken a massive dip of 14.49%, despite the ongoing FIFA World Cup. The sports token were predicted to get a boom as Crypto.com is the official sponsor. Nevertheless, it seems that the sports token are not having benefits.

Coins Trading In Green

There are a few coins that are trading in the green. The crypto token Celo is up by 15.53%, making it the biggest gainer in the last 24 hours, and is at $0.649. ApeCoin is second on the list with a jump of 3.67%. Neutrino USD is up by 2.27%, with each coin at $0.9397.

Reasons for the fall

The ongoing lockdown in China amidst the outbreak of Covid 19 has lead to a huge protest in the country. The tremors from China is shaking the global economy, affecting the Crypto prices as well.

Shourya is a crypto fanatic who has developed interest in Business Journalism in the past few years. Currently, working as a writer with Coingape, Shourya is also an avid reader. Apart from writing, you can find her attending poetry shows, exploring cafes and watching cricket. As she says, “dogs are my home,” her first rescue of a dog was at the age of 7! She has constantly been speaking up for mental health and the rainbow pride.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

The recent crash in the crypto markets took everyone by surprise, especially Bitcoin. Many coins lost value drastically and very fast at that. Even the number one crypto Bitcoin took a big hit when investors kept selling out in panic. While many are hoping for a recovery, the storm is still rising. Also, many speculations abound in the market as investors are thrown in disarray.

Related Reading | Bitcoin Exchange Outflows Suggest That Investors Are Starting To Accumulate

With all the chaos, it’s no surprise that the co-founder of BitMex predicts both Bitcoin and Ethereum bottom levels. According to Hayes, Bitcoin will relax at $25,000-$27000, while Ethereum will remain at $1700-$1800. This is a far cry from what both cryptos were trading some months back.

On his reasons for making the predictions, Hayes pointed out that the sale of 80,000 BTC done recently by Terra has reduced the frenzy to sell Bitcoin.

Another reason for this set bottom is that BTC is lagging while stocks recover. Last week, while Wall Street saw some positives, Bitcoin went lower instead to $29,000+ from May 29 to May 30. On May 31 and June 1, the price went up to $31,000 but it’s now fluctuating between $29k – $30k At press time.

The crypto market commenced a downward trend when the Federal Reserve announced increased taxes. While some investors were still undecided about selling or not, the market dived down to the worst as soon as the tax became effective.

The incident caused panic selling, and many investors lost their investments. For instance, Bitcoin that reached the $40K resistance spiraled downwards and has lost at least 9.40% since then. Apart from the prices of crypto that fell, the global cryptocurrency market also decreased drastically.

Is There Any Hope For Bitcoin and Ethereum Recovery?

According to Hayes, no one can predict a recovery in the nearest future. The increase in rates by the Federal Reserve was to help the fight against inflation. Unfortunately, these conditions are still prevalent, and the rates are still there. So, the market is still not ready to move.

Another reason for the downward trend that went out of control was short-term crypto investors. This group doesn’t believe in waiting it out until profitability returns.

Related Reading | Bitcoin Rests Tentatively Above $31,000, Bull Rally Or Trap?

They’re more willing to sell at a lower loss than hold their assets uncertainly for the future rally. Even with that, Hayes believes a recovery might come later. But if it must happen, many sellers have to exit their positions and grab some value.

As for the time to expect the rally, Hayes hinted that it might happen when short-termers sell off their holdings. So, he advised that all investors remain patient and still hope that Ethereum might still hit the $10,000 predictions by the year’s end.

Featured image from Pixabay, chart from TradingView.com

Shiba Inu

The overall performance of the Shiba Inu project has dropped drastically over the past few months. From the coin price, trend performance to the holders’ count, the Shiba Inu project has been dropping. But this is at a time when Bitgert (BRISE) has been skyrocketing.

Crypto experts say that the Shiba Inu woes might have been accelerated by the tough competition it is getting from other cryptocurrencies. There are many new coins that are attracting a lot of crypto investors, including Shiba Inu investors, which is why its trend has been dropping. Bitgert is among these cryptocurrencies. Read more below about why Bitgert might be the reason Shiba Inu is dropping:

Bitgert

Bitgert might be one of the coins that are responsible for the poorly performing Shiba Inu plus many other projects. In the past few months, the Bitgert team has delivered so much in a short time. This has resulted in Bitgert getting so much attention, and the hype around the coin has been growing fast. The Bitgert team has also delivered its roadmap faster and built a high utility project.

The Bitgert project has the BRC20 blockchain already launched and many other products in the completed roadmap V1. That’s why when Shiba holders’ count has been dropping, Bitgert count was exploding. This is because most of the investors leaving Shiba have been joining Bitgert. If the Bitgert team continues to deliver the products in the roadmap V2 at the same speed, then it might sink Shiba Inu even further.

Shiba Inu

Unlike Bitgert, Shiba Inu is one of the coins with many negative reviews from the market. The coin plummeted 5 months straight, but the biggest concern was that there was no light at the end of the tunnel. There is no major development that might make this coin explode again. The issue of utility is still a major challenge for the Shiba Inu coin. The Shiba team is undertaking some developments but has not yielded much.

The Robinhood listing didn’t achieve anything. The coin pulled back the next day. Will the Shiba Inu’ burn portal” have an impact on this coin price? Well, probably yes, but the effects will not be seen fast. In fact, with the capability of the portal to burn just a few tokens, it might take years before its effect is felt. Therefore, Shiba Inu still have some issue to solve.

Centcex

We have added the Centcex project because it is one of the coins that are getting a lot of attention from the crypto community, just like Bitgert. This is evident from the fast-growing holders’ count and the exponential growth of the Centcex price. You will definitely love the price growth for the CENX coin, especially during Q1 2022. This is when Centcex hit a new ATH. But this is a project with massive potential to be the next big thing.

The Centcex team is working on the token utility, which is one of the major factors attracting investors. The team is building an unlimited number of Centcex products for this ecosystem. This is what makes Centcex super popular with investors. With the growing number of products in the Centcex ecosystem, CENX prices will keep skyrocketing.

Share This Article

Do the sharing thingy

About Author

More info about author