Today’s cryptocurrency values were uneven, with Bitcoin remaining below the $39,000 mark. It remained practically unchanged at $38,279, down 0.2 percent.
Ethereum has also dropped over 4% to $2,520. Dogecoin, on the other hand, has dropped 2% to $0.11, while Shiba Inu has down more than 2% to $0.000023.
At the time of writing, ETH is trading at $2535 down by 1.6% in the last 24 hours. The token is recovering the recent losses. The support is at $2450 and the resistance is at $2640.
Ethereum (ETH) investors should be aware that various on-chain data point to significant downside pressure on the second-largest digital currency by market capitalization.
An rise in ETH streaming into exchanges, according to Kraken, could indicate that bears now have the upper hand over bulls.
According to Karken, the netflows of ETH on exchanges show that market participants are moving the cryptocurrency onto exchanges, implying that sell-side demand is outpacing buy-side demand. If this pattern continues, the price of ETH may fall as the amount of instantly marketable supply rises.
On – chain analysis hint at a comeback
Despite evidence of increased sell-side pressure for Ethereum, Kraken observes that one on-chain statistic implies the cryptocurrency is poised for a comeback.
The market value to actual value Z-score (MVRV Z-score), which compares an asset’s market value to its realised value and is used to detect overbought or oversold conditions, is now hovering in the bullish zone, according to a recent research firm Kraken.
According to Kraken, the impact of current uncertain macroeconomic conditions has already been priced into the crypto markets, with healthier price action beginning to form again. However, the exchange claims that the crypto markets still have a minor bearish bias, with Ethereum being more vulnerable than Bitcoin at the moment.
Over the last 30 days, the overall exchange net position change for BTC has been +$13.5 million. The exchange net position change for ETH is similar to BTC’s, albeit bearish momentum appears to be larger.
Over the last 30 days, the exchange net position change for ETH has been +$874.5M. Still, bearish momentum in BTC is diminishing, whilst in ETH, the opposite is true.