Ethereum Faces Crash to $600 as Crypto Bear Persists

Key Takeaways

  • Ethereum has retraced by greater than 20% over the previous 4 days.
  • Meanwhile, almost 193,000 Ethereum has been despatched to crypto exchanges. 
  • Further promoting strain might set off a correction towards $600.  

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Ethereum appears prefer it’s liable to a steep correction as crypto’s rocky June attracts to an in depth. Market individuals are speeding to exchanges to exit their positions, whereas Ethereum is sitting on little to no help.

Ethereum Faces Lower Lows

Ethereum appears primed for a major worth motion as promoting strain accelerates.

The quantity two cryptocurrency has suffered from a worth drop of over 20% over the previous 4 days. It was buying and selling at an area excessive of $1,280 on Jun. 26 earlier than dipping as low as $1,015. Notably, Ethereum broke under the essential $1,000 stage on Jun. 18, and the losses might lengthen additional as downward strain seems to be on the rise.

On-chain knowledge from Glassnode exhibits that the variety of Ethereum held on identified cryptocurrency change wallets has considerably elevated. Nearly 193,000 ETH price roughly $200 million has flowed into buying and selling platforms since Jun. 26. The spike within the stability held on exchanges coincides with the latest downward worth motion, hinting at a sell-off.

Source: Glassnode

Moreover, transaction historical past exhibits that Ethereum lacks the demand it wants to stop additional losses. Ethereum’s subsequent vital help stage is at $600, the place 12.8 million addresses maintain 9.55 million ETH. This curiosity zone is essential as market individuals might promote their holdings in a bid to stop their investments from going “Out of the Money.”

Ethereum Transaction History
Source: IntoTheBlock

The most crucial resistance stage for Ethereum is at present at $1,120, the place 468,000 addresses have beforehand bought over 7 million ETH. A day by day candlestick shut above this hurdle might invalidate the pessimistic outlook, probably main to a surge to $1,300 and even $1,500.

Disclosure: At the time of writing, the writer of this function owned BTC and ETH.

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