⚠️ Ethereum faces a "death cross": Exchange reserves increase, market direction is a mystery!
📉 Ethereum reserves on exchanges are rising, which usually suggests that sellers may be increasing, which may not be a positive sign for the market.
📊 The latest data from CryptoQuant shows that since the beginning of August, ETH reserves in exchanges have been increasing, which usually indicates that prices may fall.
🤷♂️ Moreover, the technical signal of the "death cross" has also appeared, that is, the 100-day moving average falls below the 200-day moving average, which usually means that a long-term price decline may be coming, which historically often indicates a bear market.
🤔 Let's talk about Ethereum's ETF. Originally, everyone thought it would push up the price of Ethereum, but now it seems that since the launch in the summer, the outflow of funds has reached $524 million.
🗣️ Adrian Fritz, head of research at 21Shares, said that enthusiasm for Ethereum was high before the launch, but once it was officially launched, it became a "sell on news" phenomenon.
🤷♂️ In addition, people are also somewhat skeptical about the future development of Ethereum. Brian Rudick, a researcher at GSR, believes that Ethereum's rollup roadmap and the decline in network fees have made people less optimistic about it.
😢 He even feels that Ethereum's current situation is a bit awkward. It is neither regarded as the best means of storing value like Bitcoin, nor is it regarded as a high-performance blockchain like Solana.
🔮 Viewpoint:
Although the market's attitude towards Ethereum is currently reserved, in the long run, with the advancement of technology and wider market understanding, Ethereum's potential is still worth looking forward to.
With more education and the passage of time, you will see that the excitement around Ethereum will also increase. Investors should pay attention to its technological development and the expansion of application scenarios, which will determine its future market performance.
💬So, the next question we face is, what will happen to the Ethereum market next? What do you think?
