Ethereum [ETH] witnessed a price correction after the $1,900 mark was crossed, with a tweet from Lookonchain suggesting large whales appeared to be selling their ETH holdings. At the time of writing, ETH was trading at $1,839.66 with a market capitalization just below $221 billion. CoinMarketCap’s data revealed a 4% dip in ETH’s value to have occurred in the last 7 days with a double digit slide in the 24-hour trading volumes. Lookonchain’s tweets indicated a whale with a proving reputation for buying low and selling high had recently deposited $50 million in ETH to Binance.<\/p>\n
The activity closely coincided with CryptoQuant’s sharing data of increasing exchange reserves signaling investors were dumping their holdings as a bearish trend. This was corroborated by Santiment’s chart highlighting near equal balance of Ethereum supply outside and on exchanges, foreshadowing a flip in the coming days. Scientific critique of ETH’s daily chart framed bearish readings on a few metrics, although Exponential Moving Average Ribbon was in favour of the buyers with its bullish crossover. On-chain stats too stepped in, with CryptoQuant’s taker buy\/sell ratio noting buying sentiment on top and ETH’s network growth healthy. Ethereum’s MVRV, however, marked down substantially as a bearish sign.<\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum [ETH] witnessed a price correction after the $1,900 mark was crossed, with a tweet from Lookonchain suggesting large whales\u2026<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"blocksy_meta":"","acf":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","custom-80":"","custom-230":""},"post_excerpt_stackable":"