What you need to know
In the short term, ETH bulls were not encouraged by the 200.5K Ethereum that flooded exchanges as soon as the price of Ethereum fell below $3.550. How deep can the price drop go?
Ethereum [ETH] The price was below $3,550 which has been a strong support level since 18th July.
Altcoins had formed a range of $3,550-$3,860. A move towards $3.2k and even $3k is possible due to its descent below the short term support.
Insider whale moves and bearish pressure are boosted by insider whales
It is not a post on X, LookonChain The whale’s deposit was 26,182 ETH Binance Kraken, and many other popular central exchanges are available in less than 48 hours.
It is possible that the timing of these inflows indicates a build-up of potential pressure on sellers.
Lookonchain noted BitMEX’s co-founder. Arthur Hayes The following are some of the most common questions that people ask. sold 2,373 ETHWorth $8.32 millions
The other 7.76 million Ethena [ENA] The assumption of $4.62million is questioned. bullish conviction Large ENA holders.
Addition to the negative trend Coinalyze Data showed Open Interest (OI), at the time of press, was down by 5.47% in the last 24 hours.
Although the Funding Rate was positive, both OI and Price were declining. This showed a dominantly bearish mood.
Ethereum withdrawals start to increase in August
Source: CryptoQuant
CryptoQuant reported that, according to the seven-day average Ethereum exchange netflows, remained negative during July and printed -16.644 ETH as of press time. The accumulation is consistent.
On the other hand, on August 1, 200,573 Ethereum were deposited into exchanges. It was an indication of possible selling, particularly when combined with intense on-chain activity. The price may be determined by the volume of a single day.
Pricing targets and Structure Flip
TradeView: Source for ETH/USDT
Market structure can give you a good idea about the current trend. As of the press deadline, Awesome Oscillator’s 12-hour timeframe had dropped below zero during the latest trading session.
Ethereum has fallen to below its range low at $3.550 (orange).
The next target for ETH was the Fair Value Gap at $3.2k (white), and the $2.936 support that existed earlier in July. In recent hours, the 50-period moving average (green) served as dynamic support.
The bearish argument would be strengthened if the failure of this project were to occur.
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Source: ambcrypto.com
