Ethereum [ETH] has experienced a slight decline in the last 24 hours, but technical indicators suggest a potential short-term bullish shift in the market. Despite this recent dip, Ethereum’s exchange netflow data shows a dominance of outflows, indicating a withdrawal of more ETH from exchanges than deposits, signaling potential buying interest and reduced selling pressure.
Ethereum’s current price stands at $2,637.22, reflecting a 1.44% decline in the short term. The 50-day moving average is at $2,527.92, indicating short-term bullish momentum, while the 200-day moving average sits higher at $3,125.39, suggesting a bearish long-term trend.
The Parabolic SAR indicator supports the short-term bullish outlook for Ethereum, with dots positioned below the price chart, indicating that buyers are in control of the market. However, the strong resistance posed by the 200-day moving average could hinder a longer-term breakout for ETH.
An increasing number of Ethereum holders have seen profitability, with 68% of addresses now holding ETH at a profit, totaling over 83 million addresses. On the flip side, 29.47% of addresses are currently “Out of the Money,” holding ETH at a loss, while 2.38% are breaking even.
Ethereum’s exchange netflow data shows a consistent trend of more ETH leaving exchanges than entering, with a net negative flow of over 28,000 ETH at the close of the last trading session. This trend suggests that investors are holding onto their coins, potentially reducing the likelihood of immediate sell-offs.
In conclusion, Ethereum is navigating a mixed market environment with short-term bullish momentum and increased outflows from exchanges. The significant resistance from the 200-day moving average presents a challenge for long-term bullish trends. However, the rise in profitable holders indicates growing investor confidence despite recent price fluctuations.
For more insights on Ethereum’s price prediction for 2024-25, click here.
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Next: Pepe analysis: Is now the time to hold or sell amid recent rally? The COVID-19 pandemic has brought about significant changes in various aspects of our lives, including how we work, socialize, and travel. With restrictions in place and concerns over safety, many people have had to adapt to new ways of living and interacting with others. One area that has been greatly impacted by the pandemic is travel.
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