Ethereum (ETH) could be on the eve of a new rally. The offer from Ethereum on Crypto Exchanges has fallen to the lowest point since November 2015. At the same time, more investors are piling up their coins in cold wallets, which stirs up speculation about an upcoming supply shock.
Conflicting signals on the market
It is remarkable that this development coincides with a substantial fall in price of 26 percent in the past month. The Ethereum course is currently at $ 1,971. According to data from Santiment, the stock market offer has since decreased to 8.97 million ether, more than 16 percent lower than the end of January.
Less supply on trade fairs often means that sales pressure is decreasing. If the demand increases, it can lead to a competitive price increase. Bitcoin (BTC) showed a similar pattern earlier this year. Then the Exchange offer fell to the lowest level in years, after which the race established new records within a few days.
Also within the Ethereum community, the expectation that such a scenario will be repeating. Trader Crypto General calls it “a matter of time” before the effects become visible. Trader Naber believes that Ethereum may move towards a course of $ 8,000 to $ 10,000, considerably higher than the previous peak of $ 4,878.
Yet not everyone is convinced. Compared to Bitcoin, Ethereum is at the weakest point in five years. Daan Crypto Trades considers a return to old peaks not realistic for the time being. In addition, spot ETFs for Ether are struggling with twelve days of persistent outflow, good for a total of $ 370.6 million.
Ethereum is approaching Breekpunt
Scott Melker, better known as “The Wolf of All Streets”, expresses the situation sharply. According to him, Ethereum is on a crossroad: or this is the moment of a long -term soil, or it is the end of an important phase in the project.
Despite the negative signals, there are also clear indications that large players are accumulating behind the scenes. The decrease in supply at stock exchanges can be the start of fierce competition among buyers, especially if demand suddenly attracts.
Whatever the outcome, the market moves towards an exciting moment. The data show that the pressure slowly but surely builds up.
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Source: https://newsbit.nl/investeerders-blijven-ethereum-kopen-koers-richting-8-000-of-einde-van-een-tijdperk/
