Ethereum ETH/BTC pair failed to stage a bullish breakout, but a strong downside move seems unlikely based on the network’s on-chain activity.
) fell short of a bullish breakout based on technical and on-chain analysis, suggesting that the consolidation below the $2,000 price level could continue in the medium term. At the same time, a lack of sellers and strong fundamentals will likely protect Ether from steep declines.ETH/USD price increased by 42.80% since the start of 2023 thanks to amarket, negative investor sentiment and low liquidity conditions.
Glassnode’s Relative Unrealized Loss metric measures the loss scale on Ether holders' books. The orange line represents the bull-bear pivot line, where consolidation above this level signifies bear trends and vice versa. Usually, the market begins bullish trends after a breakout from previous all-time highs or consolidation over long periods, signified by a steep decline in the Unrealized Loss metric.Similarly, from a technical perspective, Ether bulls failed to overcome the resistance at 0.
implemented earlier in 2022 introduced burning of Etherum fees, which, combined with reduced issuance after the Merge, contributed to making the asset deflationary. The total Ether supply is down around 0.015% since the Merge.that more sophisticated investors have yet to warm up to Ether, sticking primarily to Bitcoin. The year-to-date investment in Ether in 2023 has been only $8 million, compared to $158 million in Bitcoin and $23 million in Bitcoin shorts.
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