ETH IS BLEEDING — IS THIS THE BOTTOM OR JUST THE BEGINNING?
Ethereum is trading near 1580 USD, down nearly 5 percent in the last 24 hours and almost 10 percent over the past week. Spot $ETH ETFs have now seen seven straight weeks of outflows, and the Ethereum Foundation just announced a major restructuring, cutting its budget by 40 percent and reducing staff by 54 roles.
Despite the bearish sentiment, network fundamentals remain active and some large holders are still accumulating $ETH at these lower levels. History shows ETH has bounced hard after deep corrections before.
Is this capitulation before a reversal, or is more downside coming? Smart money is watching the 1500 USD support zone closely. Miss this window and you might miss the next leg.
Not financial advice. Always do your own research before trading.
By Wajid Zwak | AlphaMetrics1
#ETH #Ethereum #Crypto #Bitcoin #Altcoins #HYPEFalls17%FromRecordHigh #PredictionMarketVolumeHitsRecordHigh
Ethereum is trading near 1580 USD, down nearly 5 percent in the last 24 hours and almost 10 percent over the past week. Spot $ETH ETFs have now seen seven straight weeks of outflows, and the Ethereum Foundation just announced a major restructuring, cutting its budget by 40 percent and reducing staff by 54 roles.
Despite the bearish sentiment, network fundamentals remain active and some large holders are still accumulating $ETH at these lower levels. History shows ETH has bounced hard after deep corrections before.
Is this capitulation before a reversal, or is more downside coming? Smart money is watching the 1500 USD support zone closely. Miss this window and you might miss the next leg.
Not financial advice. Always do your own research before trading.
By Wajid Zwak | AlphaMetrics1
#ETH #Ethereum #Crypto #Bitcoin #Altcoins #HYPEFalls17%FromRecordHigh #PredictionMarketVolumeHitsRecordHigh