Ethereum’s price has surpassed $3,000, but the decline in whale addresses holding significant amounts of ETH suggests waning confidence among major holders.
Points
- Ethereum’s price movement is erratic, with whale addresses holding large amounts of ETH declining.
- The 23.6% Fibonacci Retracement level at $3,011 is a crucial support level.
- The Market Value to Realized Value （MVRV） ratio indicates undervaluation and accumulation opportunity.
Ethereum’s recent price movements have been characterized by significant volatility, with its price surpassing $3,000 but facing challenges from declining whale addresses. These addresses, holding large amounts of ETH, have decreased by 14% in the past five days, signaling waning confidence among major holders.
Decline in Whale Addresses
The number of whale addresses holding more than $100,000 worth of ETH has dropped from 150,000 to 130,000, indicating a lack of confidence among significant holders. This decline is not only about holding or selling ETH but also involves exiting the network altogether, suggesting broader market sentiment issues.
Fibonacci Retracement and MVRV Ratio
The 23.6% Fibonacci Retracement level at $3,011 is a critical support level for Ethereum. If the price holds above this level, it could facilitate steady upward movement and create a favorable environment for accumulation. Additionally, the current Market Value to Realized Value （MVRV） ratio is at -10.4%, indicating that Ethereum is undervalued and presenting a potential buying opportunity for investors.
Key Takeaways for Investors
Investors should monitor the following key aspects:
– Whale Address Decline: The reduction in whale addresses suggests broader market sentiment issues and a weakening belief in Ethereum’s short-term prospects.
– Fibonacci Retracement Level: The 23.6% level at $3,011 is crucial for Ethereum’s price trajectory.
– MVRV Ratio: The current MVRV ratio indicates undervaluation, suggesting a favorable accumulation opportunity.
Conclusion
While Ethereum’s price recovery above $3,000 is promising, the decline in whale addresses indicates waning confidence among major holders. Investors should approach cautiously, keeping an eye on key indicators like the Fibonacci Retracement level and MVRV ratio. Monitoring these factors will be crucial for making informed investment decisions in the volatile crypto market.
解説
- Ethereum’s price surpasses $3,000, but the decline in whale addresses suggests waning confidence among major holders.
- The 23.6% Fibonacci Retracement level at $3,011 is a crucial support level, indicating potential upward movement if held.
- The Market Value to Realized Value （MVRV） ratio at -10.4% indicates Ethereum is undervalued, presenting a buying opportunity.
- Investors should monitor key indicators and market sentiment to make informed decisions amid volatility.
- The decline in whale addresses and overall market sentiment are significant factors influencing Ethereum’s price movements.