On May 9th, Santiment, a blockchain analytics firm, tweeted about the recent movement of 14,999 ETH from the Ethereum Foundation to Kraken. According to Santiment’s insight report, this move coincided with the local top for ETH’s price.
Santiment’s report also noted that not all moved out of the Ethereum Foundation had marked the top. Only three instances have seen ETH’s price drop after ETH left the wallet. However, the recent move by ETH Foundation seemed to have spooked the market, with Daily Active Deposits seeing the highest spikes in the past year.
Despite this, ETH’s MVRV 30D, which measures holders’ short-term profit/loss, is out of the danger zone and moving toward the Opportunity Zone. Historically, this is where ETH’s price has bottomed out, potentially indicating dip buy opportunities for investors.
However, Santiment’s insight report provides valuable information for those interested in the movements of ETH and the potential investment opportunities.
Ethereum Price Analysis
Ethereum is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $1,840.20, down by about 0.11% in the last 24 hours. However, the weekly chart recorded a decline of about 1.43%, indicating some market volatility.
In addition, Ethereum’s trading volume has also witnessed a decrease of 31.68% in the last 24 hours, reaching $5,886,282,939, whereas the market capitalization has decreased by 0.11%.
Recently, Ethereum breached a crucial demand wall at the $1,850-$1,905 mark. According to Ali, a well-known analyst in the cryptocurrency world, failure to regain this critical support zone could lead to a significant correction, with $ETH potentially dropping to the next major demand area at $1,570-$1,630.
This would be a significant blow to the cryptocurrency, which has been steadily gaining ground in recent months. Investors are now closely monitoring the situation, as the next few days could be critical for Ethereum’s future.
If the cryptocurrency is able to recover and regain its foothold, it could continue on its upward trajectory. However, if it fails to regain its momentum, it could be in for a bumpy ride.
According to the cryptocurrency’s price prediction, Ethereum’s long-term technical analysis shows a bearish trend, indicating a $26.69 decrease by May 17th, 2023.
In the short term, a bearish trend is currently being experienced, leading to a slight decrease in the next few hours, as per a machine learning algorithm.