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Ethereum Stuck In Tight Price Range â Levels To Watch
Prominent market analyst Ted Pillows has highlighted the immediate key price levels in the Ethereum market using data on liquidity heatmap. This analysis follows a turbulent price display over the past week during which Ethereum prices fell by 1.64%. Related Reading: Ethereum Price Could Crash Below $3,400 After Rejection From 0.618 Fibonacci Level Ethereum Traders Brace For Potential Sweep Before Reversal In an X post on November 1, Pillows shares data from Coinglass on the Ethereum liquidity heatmap, identifying significant resting liquidity on both sides of the current price action. Notably, the upper band, which lies between $3,900 and $4,200, represents a heavy concentration of limit orders as many traders are positioning themselves for potential selling activity once ETH revisits this area. Therefore, this price range acts as a major resistance zone critical for market bulls to reclaim in any potential push for a sustained uptrend. On the downside, there is also a notable liquidity cluster around $3,750 acting as a potential magnet for price and a key support area in a price crash situation. Looking at this setup, Ted Pillows postulated that Ethereum could be setting up for a liquidity sweep, a common pattern where price dips into an area of high liquidity to trigger stop losses and fill bids before reversing upward. If this scenario plays out, a short-term move toward $3,750 could precede a sharp rebound, potentially targeting the $3,900â$4,200 resistance region once more. With present market prices around $3,800, Ethereum could be eyeing a potential short-term gain of 10% gain but not without an initial correction and significant levels of long and short liquidations. Related Reading: Binance Maintains Dominance In Bitcoin Futures Market; Records $1.88-T In Trading Volume ETH Treasuries Close October With 550k Netflow Despite Offloading Fears In other news, Ethereum treasury companies continue to display a strong market confidence despite fears of a possible sale amid the heavy price volatility seen in the last month. According to data from CoinMarketCap, Ethereum prices fell by 13.34% in the past month as the broader crypto market struggled amid various macro influences. Despite this negative performance, blockchain analytics firm Sentora reports that ETH treasuries registered a net inflow of 550,000 ETH. Although this figure falls well below the 1.5 million ETH inflows observed in August, it remains significant, underscoring investorsâ continued confidence in Ethereumâs long-term value proposition. At press time, Ethereum trades at $3,873, reflecting a minor 0.44% gain in the past 24 hours. Meanwhile, the daily trading volume is down by 53.83% and valued at $17.57 billion. Featured image from iStock, chart from Tradingview
Bitcoin Long-Term Holders Show Signs Of Selling â Is A Reversal Imminent?
Recent on-chain data shows that a relevant class of Bitcoin investors known as long-term holders has continued to move out of their market positions. LTHs Actively Switching To Distribution In a November 1st post on social media platform X, popular on-chain analyst Burak Kesmeci shared an insight into the prevalent structural bias among Bitcoinâs long-term holders. Kesmeciâs analysis hinges on the Long-Term Holder Net Position Change metric, which tracks the net buying or selling behavior of Bitcoinâs long-term investors over a period of 30 days. Related Reading: Bitcoin At A âDo-Or-Dieâ Level As Cycle Faces First Real Test: Analyst A positive reading is usually interpreted as a sign that the LTHs are in a net accumulation phase, as there are more market participants within this investor class buying Bitcoin than those who are selling. On the flipside, when the Long-Term Holder Net Position Change metric is negative, it means that the LTHs are in a distribution phase. Kesmeci explained in his post that there has been an increasing amount of momentum towards the sell side of the metric. In the highlighted chart, around 400,000 BTC appears to have been sold off in the past 30 days. Interestingly, the LTHs donât seem to be easing off on their sales â a behavior which stands equally as a source of concern. In a case where Bitcoinâs long-term investors do desist from selling their holdings, Bitcoin could put in a local price bottom, as this typically indicates renewed interest and âsmart moneyâ positioning for the next cycle. However, if this distribution momentum continues to grow, the premier cryptocurrency could continue towards the downside, as its long-term holders continue to inject more bearish pressure. LTH 2.2% Supply Drop Relatively Modest â Analyst In another X post, crypto pundit Darkfost shed light on the implications of Bitcoinâs LTH behavior shift. According to the analyst, the 2.2% âmodest reductionâ of Bitcoin LTH supply in October is not much to worry about, especially when compared to the levels seen in 2024. As of March 2024, Bitcoinâs LTH supply dropped by approximately 5.05%. In December, there was an even higher decline of about 5.2%. Darkfost implied that the present distribution the market is seeing could therefore be a result of early profit taking, where the market could soon see a rebound of the Bitcoin price. Nonetheless, the long-term holder net positionâs trend is one that should be monitored, as a move back towards neutral readings could signal the start of an accumulation phase and subsequent price reversal to the upside. As of this writing, BTC is valued at approximately $110,750, with no significant movement in the past 24 hours. Related Reading: Bitcoin Hidden Setup â Triangle Support, Inverse H&S Signal A Powerful Reversal Featured image from iStock, chart from TradingView
Ethereum Stuck In Tight Price Range â Levels To Watch
Prominent market analyst Ted Pillows has highlighted the immediate key price levels in the Ethereum market using data on liquidity heatmap. This analysis follows a turbulent price display over the past week during which Ethereum prices fell by 1.64%. Related Reading: Ethereum Price Could Crash Below $3,400 After Rejection From 0.618 Fibonacci Level Ethereum Traders Brace For Potential Sweep Before Reversal In an X post on November 1, Pillows shares data from Coinglass on the Ethereum liquidity heatmap, identifying significant resting liquidity on both sides of the current price action. Notably, the upper band, which lies between $3,900 and $4,200, represents a heavy concentration of limit orders as many traders are positioning themselves for potential selling activity once ETH revisits this area. Therefore, this price range acts as a major resistance zone critical for market bulls to reclaim in any potential push for a sustained uptrend. On the downside, there is also a notable liquidity cluster around $3,750 acting as a potential magnet for price and a key support area in a price crash situation. Looking at this setup, Ted Pillows postulated that Ethereum could be setting up for a liquidity sweep, a common pattern where price dips into an area of high liquidity to trigger stop losses and fill bids before reversing upward. If this scenario plays out, a short-term move toward $3,750 could precede a sharp rebound, potentially targeting the $3,900â$4,200 resistance region once more. With present market prices around $3,800, Ethereum could be eyeing a potential short-term gain of 10% gain but not without an initial correction and significant levels of long and short liquidations. Related Reading: Binance Maintains Dominance In Bitcoin Futures Market; Records $1.88-T In Trading Volume ETH Treasuries Close October With 550k Netflow Despite Offloading Fears In other news, Ethereum treasury companies continue to display a strong market confidence despite fears of a possible sale amid the heavy price volatility seen in the last month. According to data from CoinMarketCap, Ethereum prices fell by 13.34% in the past month as the broader crypto market struggled amid various macro influences. Despite this negative performance, blockchain analytics firm Sentora reports that ETH treasuries registered a net inflow of 550,000 ETH. Although this figure falls well below the 1.5 million ETH inflows observed in August, it remains significant, underscoring investorsâ continued confidence in Ethereumâs long-term value proposition. At press time, Ethereum trades at $3,873, reflecting a minor 0.44% gain in the past 24 hours. Meanwhile, the daily trading volume is down by 53.83% and valued at $17.57 billion. Featured image from iStock, chart from Tradingview
Bitcoin Long-Term Holders Show Signs Of Selling â Is A Reversal Imminent?
Recent on-chain data shows that a relevant class of Bitcoin investors known as long-term holders has continued to move out of their market positions. LTHs Actively Switching To Distribution In a November 1st post on social media platform X, popular on-chain analyst Burak Kesmeci shared an insight into the prevalent structural bias among Bitcoinâs long-term holders. Kesmeciâs analysis hinges on the Long-Term Holder Net Position Change metric, which tracks the net buying or selling behavior of Bitcoinâs long-term investors over a period of 30 days. Related Reading: Bitcoin At A âDo-Or-Dieâ Level As Cycle Faces First Real Test: Analyst A positive reading is usually interpreted as a sign that the LTHs are in a net accumulation phase, as there are more market participants within this investor class buying Bitcoin than those who are selling. On the flipside, when the Long-Term Holder Net Position Change metric is negative, it means that the LTHs are in a distribution phase. Kesmeci explained in his post that there has been an increasing amount of momentum towards the sell side of the metric. In the highlighted chart, around 400,000 BTC appears to have been sold off in the past 30 days. Interestingly, the LTHs donât seem to be easing off on their sales â a behavior which stands equally as a source of concern. In a case where Bitcoinâs long-term investors do desist from selling their holdings, Bitcoin could put in a local price bottom, as this typically indicates renewed interest and âsmart moneyâ positioning for the next cycle. However, if this distribution momentum continues to grow, the premier cryptocurrency could continue towards the downside, as its long-term holders continue to inject more bearish pressure. LTH 2.2% Supply Drop Relatively Modest â Analyst In another X post, crypto pundit Darkfost shed light on the implications of Bitcoinâs LTH behavior shift. According to the analyst, the 2.2% âmodest reductionâ of Bitcoin LTH supply in October is not much to worry about, especially when compared to the levels seen in 2024. As of March 2024, Bitcoinâs LTH supply dropped by approximately 5.05%. In December, there was an even higher decline of about 5.2%. Darkfost implied that the present distribution the market is seeing could therefore be a result of early profit taking, where the market could soon see a rebound of the Bitcoin price. Nonetheless, the long-term holder net positionâs trend is one that should be monitored, as a move back towards neutral readings could signal the start of an accumulation phase and subsequent price reversal to the upside. As of this writing, BTC is valued at approximately $110,750, with no significant movement in the past 24 hours. Related Reading: Bitcoin Hidden Setup â Triangle Support, Inverse H&S Signal A Powerful Reversal Featured image from iStock, chart from TradingView