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Home > News
Published: 01/04/2024
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Author: Leexim
Depleted Ethereum Supply Signals Imminent Price Surge
Only approximately 11% of ETH's entire supply remained accessible for active trading, indicating a reluctance among investors to divest their ETH holdings.
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ETH’s liquidity supply is gradually decreasing
With an impressive start to 2024, up about 57% year-to-date, and the prospect of a spot ETF on the horizon, ETH could be one of the hottest entities in the crypto market right now.
According to data analysis from Glassnode, ETH reserves on exchanges have dropped to a new low as of the time of this writing.
In fact, only about 11% of total supply was available for trading, down from 15.8% at the same time last year.
Ethereum supply on exchanges
Source: Glassnode
This trend continues in 2024, even though ETH value has increased 57% year-to-date (YTD). If the downtrend continues, the supply crisis could become more severe.
Such a shortage will typically push prices up over the long term, as long as demand remains strong.
It’s clear that supply has plummeted throughout 2022 and 2023, but ETH is still struggling due to market uncertainties.
However, with improving crypto sentiment, coupled with potential bullish factors such as spot ETFs, the pursuit of the second-largest digital asset could become stronger.
Ethereum whale transactions
Source: Santiment
ETH whales are busy hoarding
Whales, investors who own large amounts of ETH, also seem to be bullish on ETH.
According to data analysis from Santiment, whale transactions worth more than $100k have recently increased despite the price correction. These transactions have led to an increase in the number of wallets containing between 1,000 and 10,000 coins.
Related: Vitalik Buterin Shares Views on Memecoins
What can you expect from ETH?
Ethereum price analysis
Source: Trading View
The relative strength index (RSI) broke above its 50 neutral line for the first time since mid-March. A move above 60 could strengthen bullish sentiment and pave the way for a rise to $4,000.
However, On-Balance Volume (OBV) has been unable to make higher highs as price has, moving sideways over the past 10 days. This shows that the uptrend may be stopped.
Additionally, the Moving Average Convergence Divergence (MACD) is at risk of falling below the signal line in the next few days. Such an event would strengthen the bearish narrative. Conversely, a move above zero could support further upside.
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Home > News
Published: 01/04/2024
-
Weekly Crypto (25/03 – 31/03): Bitcoin Rebounds, Sam Bankman-Fried Sentenced
The last week of March witnessed continued activity in the crypto market as usual. Bitcoin saw a recovery, while FTX founder Sam Bankman-Fried was sentenced.
Azcnews Breaking
Table of Contents
Crypto Market Recap for the Past Week
In the last week of March, Bitcoin showed signs of recovery after a dip from its peak of 73K to around 60K. Currently, Bitcoin is hovering around the 70K mark after closing both the weekly and monthly candles of March. With the rebound to 70K, Bitcoin’s potential to break its all-time high is highly likely as institutional funds and whales continue to accumulate Bitcoin.
Btc Crypto
BTC
Following Bitcoin is Ethereum, the brainchild of Vitalik, which has also seen a slight recovery from 3150 to 3600. Although returning to its peak at 4000 is still a distant target, positive signals from Bitcoin suggest that reaching the 4000 mark is entirely plausible.
Eth
ETH
This week also saw the emergence of several trends such as RWA, DePin, and BRC-20, alongside the growth of existing trends like Memecoin and AI.
Top 10 Coins with the Highest Gains This Week
Increase
Source: Coinmarketcap
Top 10 Coins with the Highest Losses This Week
Decrease
Source: Coinmarketcap
Key Highlights:
Sam Bankman-Fried Sentenced to 25 Years in Prison for 7 Charges
Escalation of Tensions Between Nigeria and Binance
SEC Seeks $2 Billion Fine from Ripple (XRP)
Kucoin Faces FUD, KCS Price Plummets Instantly
Tether Expands Investment Portfolio into AI Category
Vitalik Buterin Shares Views on Memecoins
Binance Announces Listing of Ethena (ENA) on Launchpool
OKX Announces Listing of Venom (VENOM)
Macro Events this Week
This week will witness several crucial economic events that could cause significant market fluctuations.
Firstly, on Wednesday (03/04/2024), investors will await the ADP Non-Farm Employment Change. A result higher than forecasted will be seen as a positive signal, further strengthening the US economy and potentially boosting the USD.
The biggest highlight of the day will be in the late evening with a significant speech by Fed Chairman Jerome Powell. Powell’s remarks are always anticipated to provide insights into future monetary policy, significantly impacting global financial markets.
Moving on to Thursday (04/04/2024), the Initial Jobless Claims figure will be released. A larger-than-expected increase would be viewed as a negative sign for the labor market, potentially putting pressure on the USD.
Finally, the Non-Farm Payrolls for March will be announced on Friday (05/04/2024). This is an important indicator reflecting changes in employment compared to the previous month. A more positive result than forecasted could drive up the USD, while a lower-than-expected figure could have the opposite effect.
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#Crypto weekly
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LATEST
Azcnews Breaking
News | Blockchain | Editor Choice 01/04/2024
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