- The long/short ratio of ETH was 0.95, which indicates bearish sentiment among traders.
- Ethereum could collect and shift this bearish sentiment if it closes a daily candle above $ 1,840.
Ethereum [ETH]The world’s second largest cryptocurrency per market capitalization seems to lose the importance of whales.
After the outbreak of a long -term falling trendline, ETH experienced a slight upward movement and initially received attention from whales, but that interest now seems to fade.
Data shows that after the outbreak, the price of ETH increased more than 16%, but it faded and turned into a consolidation. In the past four trading days the price hardly moved, a factor that probably drove whales to withdraw.
Abandoned Whales Ethereum?
Data on Intotheblock chains revealed that whale chanties between $ 1 million and $ 10 million have fallen considerably by 62.42% in the past week.
This enormous decline indicates that large players or institutions withdraw.
Source: Intotheblock
Not only did transactions worth $ 1 million to $ 10 million decreased, but the transactions between $ 100,000 to $ 1 million and $ 10,000 to $ 100,000 also fell by 43.14% and 27.94% respectively in the last seven days.
Moreover, the chain statistics also show that the number of large transactions has fallen by 51.68%, which indicates a lower interest rates.
When combining these statistics with the ETH price momentum, this indicates areas for the active and this can indicate a potential price decrease.
Traders Bearish View
At the time of the press, the long/short ratio of ETH was 0.95. In fact, 51.17% of the top -eth traders positioned themselves briefly, while 48.83% remained, according to Coinglass.
Source: Coinglass
Looking at these statistics, it seems that, together with whales, traders have also started moving their sentiment to the Bearish side in anticipation of a price decrease.
At the time of the pressure, ETH acted in the vicinity of $ 1,805, in which he achieved a decrease of 0.55% in the last 24 hours.
In the same period, trade volume fell by 40%, indicating lower participation of traders and investors compared to the previous day.
Ethereum’s price promotion and important levels
According to the technical analysis of Ambcrypto, ETH seems to be in a make-or-break situation while its price is in the narrow zone of an increasing triangular pattern on the four-hour period.
Source: TradingView
Historically, a breakdown of this pattern could lead to a sharp decrease, where ETH may fall more than 7% to recover the horizontal support level near $ 1,690.
However, there is also a chance of an upward outbreak. This would occur if ETH breaks above the neckline of the rising triangular pattern and combines a four -hour candle above $ 1,840. Such a movement could cause a considerable upward rally.
Despite the current challenges, ETH remains above the 200 exponential advancing average (EMA) on the four -hour graph, which indicates that it is still active in an upward trend.