The Key Takeaways
Who is responsible for the latest dump spree?
SharpLink is the first company to be listed on a public exchange with Ethereum as its main asset.
How are Spot ETFs doing right now?
U.S. Ethereum spot ETFs have seen a total outflow of $1,022 billion over the past seven trading sessions.
SharpLink continues to unload its holdings, putting Ethereum (ETH), under increasing pressure. It is a result of the persistent selling pressure from U.S. Ethereum spot ETFs as well as rising exchange reserves. ETH lost over 20% of its market value in just November. The cryptocurrency could be on track to continue its decline in the days ahead.
The following is a list of Onchain LensSharpLink is the first publically listed company that has Ethereum as its main asset. It dumped 10,975 Ethereum, valued at $33.54million, onto the Galaxy Digital OTC trading exchange.
Ethereum structure weakened after SharpLink’s deposit. This is reflected on charts by ETF withdrawals and increasing ETH exchange reserves.
Bearish signals flashed by the On-chain Metric
SoSoValue’s on-chain analysis platform shows that U.S. Ethereum Spot ETFs are experiencing outflows seven days in a row.
The data also showed that the total outflows for this time period reached $1.022 Billion, which may indicate that American investors are withdrawing capital from these fund. The data could indicate a waning of interest and reinforce a negative outlook.
Source: SoSoValue
It’s not just that. Crypto participants are also dumping their ETH. According to data provided by CryptoQuant, over the course of the week, participants sold their holdings in ETH. Ethereum reserves across all exchanges rose significantly – A sign of ongoing selling by investors and long-term holders.
152 426 ETH were sold in just the last seven days, according to the data. This selling can also be seen on the price charts where ETH is now trading below $2.900.
Source: CryptoQuant
The asset has attracted the attention of traders and investors, as evidenced by the 22 percent increase in volume trading to $38.55 Billion.
A rise in volume of trading while an asset is losing value could indicate that the market’s participants are reinforcing this bearish trend.
Ethereum (ETH), price analysis and technical analysis
AMBCrypto says that Ethereum has entered a downwards trend. After the break-down of its major support level, further downward movement is likely. It could even fall as low as $2,750.
This bearish view would be confirmed only if ETH continued to trade under $3,000 in the charts.
It’s possible. Especially since at press time, ETH’s Average Directional Index (ADX) stood at 43.60 — above the key threshold of 25 — indicating strong directional momentum.
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Source: ambcrypto.com
