Ethereum miners have been selling ETH in the month of October, how’s about Ethereum price?
According to information from Santiment, Ethereum miners simultaneously sold ETH in October. Moreover, over the past three months, the ETH coins have not seemed to stop working in the wallet, constantly moving from wallet to wallet. So, how’s about Ethereum price?
⛏️😤 The #Ethereum miners have been dumping, and it appears that last week’s increased on-chain activity and trader #FOMO has slowed. We’ve revealed what the crowd sentiment flip back to bearish means for $ETH, and check in on our top leading indicators. https://t.co/omkTFuQprI pic.twitter.com/8siEpUMbsy
— Santiment (@santimentfeed) October 27, 2020
Ethereum’s Twitter sentiment is in bearish territory after Ethereum price dropped below $400
Besides, the level of discussion on Ethereum on Twitter is also in a steep drop after the Ethereum price fell below $ 400. Ethereum’s transaction volume on decentralized exchanges has also decreased due to DeFi’s activity on the Blockchain. Ethereum fell. The above information plots a bearish future for Ethereum and is shared via the following Tweet by the team at Santiment.
When it comes to evaluating the overall market environment for Ethereum, the ETH/BTC price chart is often used to gauge ETH’s bullish trend. With this method tested, popular cryptocurrency community member Udi Wertheimer predicted that the ETH/BTC pair would weaken. You can see his analysis of Ethereum versus Bitcoin in the tweet below.
❔why ETHBTC can only go down
➡️ when BTCUSD goes up it sucks up liquidity from alts
➡️ when BTCUSD goes down scared traders exit ETH
➡️ as DeFi turns out to be a clusterfuck, ETH exits liquidity pools
➡️ ETH plebs are mentally poor, their bags will always converge to poordom
— Udi Wertheimer (@udiWertheimer) October 26, 2020
While the ETH/BTC pair is fairly accurate in assessing Ethereum’s overall market health, its use when Bitcoin rose by nearly $ 3,000 in October could mislead analysis. Hence, analyzing ETH into a stable asset like Tether is a sensible method of assessing Ethereum’s short-term future.
From the daily ETH/USDT chart above, the following can be observed.
– Trading volume is deep in red with MACD is about to cut downward
– Both the MFI and the daily RSI are also hinting at an ongoing correction to Ethereum
However, Ethereum’s price is still above all three moving averages (MA50, 100, and 200-day). Support for Ethereum can be found at the usual levels of $ 390, $ 380, $ 365, $ 350, and $ 335.
In a nutshell, Ethereum price is entering falling territory based on the fact that ETH miners have sold their coins. Furthermore, ETH’s Twitter sentiment has fallen to the reduced territory. Ethereum-based decentralized exchanges have also experienced a significant drop in transaction volume. Additionally, the daily ETH/USDT chart confirms Ethereum’s bearish environment.
As with all Ethereum analysis, traders and investors should use appropriate stop loss and low leverage when trading ETH on various derivative platforms.
You can see the Ethereum price here.
- Despite The Mixed Price Action, Analysts Think Ethereum Price Remains In Bullish Standing
- Ethereum Price Is Continuing To Show Weakness Against Bitcoin Despite Its Latest Rally Above $400