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COINTURK NEWS > Ethereum (ETH) > Ethereum’s Recent Developments: What’s Happening in the ETH Network?
Ethereum (ETH)

Ethereum’s Recent Developments: What’s Happening in the ETH Network?

In Brief

  • Since the second week of July, Ethereum (ETH) has been showing a downward trend. According to experts, the mid-August decline has further expanded this negative aspect, but bulls are showing signs of exhaustion. Recent findings indicate that accumulation is gaining momentum. So, what is the current situation in Ethereum, the leading smart contract platform?ContentsGlassnode Data […]
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COINTURK NEWS 2 years ago
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Since the second week of July, Ethereum (ETH) has been showing a downward trend. According to experts, the mid-August decline has further expanded this negative aspect, but bulls are showing signs of exhaustion. Recent findings indicate that accumulation is gaining momentum. So, what is the current situation in Ethereum, the leading smart contract platform?

Contents
Glassnode Data on EthereumCritical Data on Ethereum

Glassnode Data on Ethereum

ETH has been experiencing sideways price movement in the past few days, which could indicate a pause in bearish sentiment. According to the latest warning from Glassnode, individual addresses are accumulating at current levels. The warning reveals that Ethereum addresses holding at least 10 ETH have reached the highest level in four weeks. These data were an indication that ETH investors are regaining confidence in the market. This observation was further supported by the observation that ETH balances on exchanges have reached their lowest level in years.

ETH balances on exchanges are at the same level as in 2016. This observation is also positive in terms of a long-term bullish outlook as it confirms a long-term trend. Despite these data, ETH bulls are currently suppressed. This situation may imply that the current accumulation levels may not be strong enough for a significant rally. The reason for this is likely the concern among investors, especially considering the threat of rising interest rates, that the downward movement may continue.

Critical Data on Ethereum

The current state of demand in the derivatives market can highlight the aforementioned concern. As we have often observed recently, a significant price drop attracts significant demand. However, this price drop was characterized by heavy liquidations. Further threats of negativity and ensuing uncertainty have led to a decline in open positions of ETH options. The estimated leverage ratio for ETH is currently at its lowest level in the past four weeks, also emphasizing the low appetite for the cryptocurrency.

However, those preventing a rally seem to be the usual suspects. Addresses in the 1,000 and 10,000 ETH categories contributed to selling pressure by losing some of their cryptocurrencies. Although there is a threat of further decline, investors should not forget that the next FOMC meeting is scheduled for the second half of September. This could mean an opportunity for bulls to gain dominance in the market. However, considering the current whale activity, investors need to pay attention to when whales will start turning, as it could indicate the beginning of a relief rally.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 27 August, 2023 - 9:04 pm 27 August, 2023 - 9:04 pm
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