Key Points
- Ethereum’s price action has turned bullish, hinting at a potential price hike.
- Whale actions and selling pressure significantly affect Ethereum’s price.
Whale Actions and Ethereum’s Price
Ethereum [ETH] prices are greatly influenced by whale actions. Recent analysis has highlighted an interesting trend connected to this.
CryptoQuant analyst BlitzzTrading pointed out a unique pattern. According to his analysis, a sharp increase in Ethereum reserves often precedes a noticeable decrease in ETH price.
Ethereum and Bitmex Connection
An example of this pattern was seen on September 28th. There was a significant decline in Bitmex exchange reserves, which was followed by an increase in Ethereum’s price.
This suggests a correlation between Ethereum and Bitmex. When Bitmex Ethereum whales buy, there is a decrease in reserves. Conversely, when they sell, Bitmex reserves increase. Currently, Bitmex’s ETH reserves are relatively low.
Ethereum’s price has turned bullish after several days of corrections. According to CoinMarketCap, Ethereum’s price has increased by nearly 2% in the last 24 hours.
At the time of writing, Ethereum was trading at $3,428.69 with a market capitalization of over $412 billion. Glassnode’s data suggests a bullish trend, with the Pi Cycle Top indicator revealing that Ethereum’s price has hit a market bottom, hinting at a bull rally.
Ethereum’s fear and greed index is currently at 32%, indicating a “fear” phase. This typically suggests a high chance of a price increase.
However, data from Santiment reveals high selling pressure on the token, as Ethereum’s supply on exchanges has increased. Its exchange inflow has also spiked, indicating increased selling pressure which could limit Ethereum’s price growth.
Ethereum’s Market Indicators
Some market indicators remain bearish on Ethereum. Both Ethereum’s Relative Strength Index (RSI) and Chaikin Money Flow (CMF) are currently near their neutral marks.
However, the Money Flow Index (MFI) appears bullish as it moves northward, suggesting a potential continued price rise.
