{"id":549253,"date":"2023-08-29T17:00:11","date_gmt":"2023-08-29T17:00:11","guid":{"rendered":"https:\/\/wncen.com\/?p=549253"},"modified":"2023-08-29T13:00:40","modified_gmt":"2023-08-29T13:00:40","slug":"ethereum-bleak-sharks-whales-4-month-long-selloff","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-bleak-sharks-whales-4-month-long-selloff\/","title":{"rendered":"Ethereum In Bleak Situation? Sharks & Whales Continue 4-Month Long Selloff"},"content":{"rendered":"

On-chain data shows the Ethereum sharks and whales have continued to sell for four months now, a sign that the asset may not recover soon.<\/p>\n

Ethereum May Not Be In The Best Situation Right Now<\/h2>\n

In a new insight post<\/a>, the on-chain analytics firm Santiment has looked into how the various metrics related to Ethereum look like at the moment to get hints about the asset’s future outcome.<\/p>\n

First, the analytics firm has discussed the asset’s “transaction volume<\/a>,” that is the daily total number of tokens that are being transferred on the network.<\/p>\n

Here is a chart that shows the trend in this indicator:<\/p>\n

\"Ethereum<\/p>\n

The value of the metric seems to have been low in recent days | Source: Santiment<\/a><\/pre>\n
As is visible in the graph, the Ethereum transaction volume has gone down recently and has hit some low levels, suggesting that the network isn’t observing much usage currently.<\/p>\n
“Though not necessarily a red flag for any asset, this is indicative of the crowd simply showing disinterest during a time when many traders really can’t decide whether the $1,650 price level is overvalued or undervalued,” explains Santiment.<\/p>\n
Related Reading: CryptoQuant Discusses How Bitcoin Has Changed In Past 1 Year<\/a><\/div>\n
The firm further notes that the $1,500 level has had quite a bit of psychological support around it, so if the cryptocurrency declines toward this level, the volume might bounce back.<\/p>\n
While the volume can provide hints about the interest among the general investors, it may not necessarily reflect the sentiment of the largest of holders. So, the second indicator Santiment checked is the total amount of holdings belonging to investors carrying between 10 and 10,000 ETH in their wallets.<\/p>\n
\"Ethereum<\/p>\n
Looks like the value of the indicator has been heading downhill since a while now | Source: Santiment<\/a><\/pre>\n
The investors with address balances in this range are the sharks and whales<\/a>, entities that can carry some influence because of their large holdings. From the chart, it’s apparent that these cohorts as a whole have been continuously selling since around four months ago when ETH hit its top above $2,100.<\/p>\n
Prior to this, these large investors had been accumulating, but it would appear that these investors gave in to the allure of profit-taking once ETH rose to high enough levels. The selloff has slowed down a bit recently, but these holders are still continuing to shed a net portion of their holdings.<\/p>\n
Related Reading: Bitcoin Bull Run Incoming? This Metric Could Suggest So<\/a><\/div>\n
“This continued tailslide in supply held by sharks and whales is something we need to monitor,” says the analytics firm. “Prices can still rise as they take profit, and their holdings are far from a perfect correlation. But in terms of a signal for an immediate return to $2K and above, it certainly isn’t being perpetuated by whales.”<\/p>\n
Finally, Santiment has looked into the “development activity<\/a>” of the asset, to see how much work the developers have been putting into the project’s public GitHub repository.<\/p>\n
\"Ethereum<\/p>\n
The trend in the development activity | Source: Santiment<\/a><\/pre>\n
Generally, this metric can be one of the things to look out for to see if a project has long-term potential or not. As the Ethereum developers haven’t stopped working hard recently, it’s safe to assume that they are still committed to the asset. So, at least this is one of the indicators not bleak for ETH right now.<\/p>\n
ETH Price<\/h2>\n
Ethereum has been unable to break out of sideways movement recently as its price continues to trade around the $1,600 level.<\/p>\n
\"Ethereum<\/p>\n
ETH has continued to be flat in the past few days | Source: ETHUSD on TradingView<\/a><\/pre>\n
Featured image from Sebastian Pena Lambarri on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the Ethereum sharks and whales have continued to sell for four months now, a sign that the asset may not recover soon. Ethereum May Not Be In The Best Situation Right Now In a new insight post, the on-chain analytics firm Santiment has looked into how the various metrics related to Ethereum look like at the moment to get hints about the asset’s future outcome. First, the analytics firm has discussed the asset’s “transaction volume,” that is the daily total number of tokens that are being transferred on the network. Here is a chart that shows the trend in this indicator: The value of the metric seems to have been low in recent days | Source: Santiment As is visible in the graph, the Ethereum transaction volume has gone down recently and has hit some low levels, suggesting that the network isn’t observing much usage currently. “Though not necessarily a red flag for any asset, this is indicative of the crowd simply showing disinterest during a time when many traders really can’t decide whether the $1,650 price level is overvalued or undervalued,” explains Santiment. Related Reading: CryptoQuant Discusses How Bitcoin Has Changed In Past 1 Year The firm further notes that the $1,500 level has had quite a bit of psychological support around it, so if the cryptocurrency declines toward this level, the volume might bounce back. While the volume can provide hints about the interest among the general investors, it may not necessarily reflect the sentiment of the largest of holders. So, the second indicator Santiment checked is the total amount of holdings belonging to investors carrying between 10 and 10,000 ETH in their wallets. Looks like the value of the indicator has been heading downhill since a while now | Source: Santiment The investors with address balances in this range are the sharks and whales, entities that can carry some influence because of their large holdings. From the chart, it’s apparent that these cohorts as a whole have been continuously selling since around four months ago when ETH hit its top above $2,100. Prior to this, these large investors had been accumulating, but it would appear that these investors gave in to the allure of profit-taking once ETH rose to high enough levels. The selloff has slowed down a bit recently, but these holders are still continuing to shed a net portion of their holdings. Related Reading: Bitcoin Bull Run Incoming? This Metric Could Suggest So “This continued tailslide in supply held by sharks and whales is something we need to monitor,” says the analytics firm. “Prices can still rise as they take profit, and their holdings are far from a perfect correlation. But in terms of a signal for an immediate return to $2K and above, it certainly isn’t being perpetuated by whales.” Finally, Santiment has looked into the “development activity” of the asset, to see how much work the developers have been putting into the project’s public GitHub repository. The trend in the development activity | Source: Santiment Generally, this metric can be one of the things to look out for to see if a project has long-term potential or not. As the Ethereum developers haven’t stopped working hard recently, it’s safe to assume that they are still committed to the asset. So, at least this is one of the indicators not bleak for ETH right now. ETH Price Ethereum has been unable to break out of sideways movement recently as its price continues to trade around the $1,600 level. ETH has continued to be flat in the past few days | Source: ETHUSD on TradingView Featured image from Sebastian Pena Lambarri on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":549276,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,1946,89250,89249,8686],"class_list":["post-549253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-ethereum","tag-ethereum-selloff","tag-ethereum-sharks-whales","tag-ethusd"],"acf":[],"yoast_head":"\nEthereum In Bleak Situation? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum In Bleak Situation? 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