Ethereumย (ETH) Price Remains Stable Regardlessย of Positive News
Regardlessย of recent positive developments, the price of Ethereumย (ETH) has failed to see wholeย lotย of growth. Ark Investโs filing for the first Ethereumย (ETH) spot exchange-traded fund (ETF) in theย Unitedย States had a minimal impact on the cryptocurrencyโs price, with it only experiencing a slight increase to $1,650. The price has since returned to around $1,628, reflecting a mere 0.1% rise in the past week.
โSupply & Demand Balanceโ
An analysis by IntoTheBlock impliesย that theย present supply and demand balance is a key factor in Ethereumโs stagnant price. The concentration of large holdings near theย present price level establish a narrow trading range. IntoTheBlock data outlines that 5.1 Million Ethereumย (ETH) was acquired below $1,600 to establish support, while 6.5 Million Ethereumย (ETH) was purchased over this level to create resistance. This concentration of positions within a limited range constrains the price movement of Ethereum.
โAutomated Buying, Discretionary Sellingโ
Discretionary sellers appearย to have taken control of Ethereumโs narrative after the initial positiveย trend response. This couldย be influenced by FTXโs intendย to liquidate $3 Billion worth of cryptocurrency holdings, which has raised concerns between traders. The slow market performance of Ethereumย (ETH) and Solana (SOL) may likewise be linked to FTXโs holdings, leading traders to approach these assets with caution.
Hot Take:
The price of Ethereumย (ETH) remains relatively stable regardlessย of positive news and developments. The concentration of large holdings and impending liquidation of FTXโs cryptocurrency assets contribute to the lack of wholeย lotย of price movement. Traders are cautious and hesitant to make substantial investments until thereย is more clarity regarding these factors.
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