Ethereum (ETH) Price Remains Stable Regardless of Positive News
Regardless of recent positive developments, the price of Ethereum (ETH) has failed to see whole lot of growth. Ark Invest’s filing for the first Ethereum (ETH) spot exchange-traded fund (ETF) in the United States had a minimal impact on the cryptocurrency’s 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.
‘Supply & Demand Balance’
An analysis by IntoTheBlock implies that the present supply and demand balance is a key factor in Ethereum’s stagnant price. The concentration of large holdings near the present price level establish a narrow trading range. IntoTheBlock data outlines that 5.1 Million Ethereum (ETH) was acquired below $1,600 to establish support, while 6.5 Million Ethereum (ETH) was purchased over this level to create resistance. This concentration of positions within a limited range constrains the price movement of Ethereum.
‘Automated Buying, Discretionary Selling’
Discretionary sellers appear to have taken control of Ethereum’s narrative after the initial positive trend response. This could be influenced by FTX’s intend to liquidate $3 Billion worth of cryptocurrency holdings, which has raised concerns between traders. The slow market performance of Ethereum (ETH) and Solana (SOL) may likewise be linked to FTX’s holdings, leading traders to approach these assets with caution.
The price of Ethereum (ETH) remains relatively stable regardless of positive news and developments. The concentration of large holdings and impending liquidation of FTX’s cryptocurrency assets contribute to the lack of whole lot of price movement. Traders are cautious and hesitant to make substantial investments until there is more clarity regarding these factors.
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