The post Why Ethereum (ETH) $4,000 Target Is Now Out of Reach appeared on BitcoinEthereumNews.com.

Readers will find today’s analysis of Ethereum (ETH) interesting. On June 11, about 542,000 ETH moved out of exchanges— the largest outflow of the year. However, the trend did not take long to change, prompting speculation that the potential increase to $4,000 may be delayed. Ethereum Opens the Floor for Bears According to data from CryptoQuant, the number of ETH withdrawn from exchanges has decreased. For instance, the figure recorded on June 12 fell by almost half from what it was the day before. As of this writing, BeInCrypto observes that 70,839 ETH has flown out of top exchanges. In simple terms, exchange outflow is the total amount of coins retired from exchanges into cold wallets or self-custody.  By holding more cryptocurrencies off-ramp, assets may face decreasing selling pressure. However, for Ethereum, that may not be the case. A low exchange outflow may lead to consolidation. Read more: How to Buy Ethereum (ETH) and Everything You Need to Know Ethereum Exchange Outflow. Source: CryptoQuant Also, if exchange inflow increases, prices may decrease significantly. For context, exchange inflow measures the number of coins sent into exchanges. When this figure increases, it puts selling pressure on the price. On the other hand, a decrease in exchange inflow reduces the chances of a major nosedive.  Ethereum’s price trades at $3,494, down from an earlier peak of $3,881 last week. Like the metric above, the Taker Sell Ratio paints a bearish picture. By definition, the Taker Sell Ratio is calculated as the number of sell orders divided by the total perpetual swaps in the market. If the value is over 0.50, it implies that sellers are dominant.  However, a reading lower than 0.50 shows that selling sentiment is below the possible peak. For ETH, the Taker Sell Ratio was 0.52, indicating a high presence of bears…

---

Filed under: News - @ June 13, 2024 8:10 pm