The post Ethereum [ETH] Exhibits Stronger Accumulation Trends Compared to Bitcoin [BTC] Amid Bearish Market Outlook appeared on BitcoinEthereumNews.com.

Bitcoin (BTC) and Ethereum (ETH) exhibit a bearish outlook according to recent technical analysis. On-chain metrics reveal more consistent accumulation trends for Ethereum compared to Bitcoin in recent times. Both BTC and ETH are trading below pivotal resistance levels, with their market structures hinting at sustained bearish trends. Explore the bearish outlook of BTC and ETH, with detailed analysis on their market trends and accumulation metrics. Technical Indicators Reflect a Bearish Sentiment for BTC and ETH The recent price action and technical analysis paint a bearish picture for both Bitcoin and Ethereum. Bitcoin is trading below the crucial resistance level of $60,000, struggling to break past this threshold. Similarly, Ethereum is unable to overcome the $2,600 resistance level. On the 3-day and weekly charts, both cryptocurrencies underscore a bearish market structure, with RSI and OBV indicators supporting this sentiment. Market Reactions Highlight Seller Dominance Bitcoin’s price activity reveals significant resistance at the $72,000 mark, which remains unbroken. The bearish RSI on the D3 chart and the downward trend of the OBV suggest sellers may continue pushing BTC lower, potentially back to $56,100. For Ethereum, the situation is similarly bleak. The fair value hovers around $2,800, with the $2,900 Fibonacci level presenting formidable resistance. The bearish RSI and OBV further indicate a possible descent towards the $2,200 level. Accumulation Trends Show Ethereum’s Edge Recent on-chain metrics provide an interesting perspective on accumulation trends for Bitcoin and Ethereum. Data indicates that post the early August sell-off, BTC’s netflows turned negative, suggesting significant coin withdrawals from exchanges—a typical sign of accumulation. For Ethereum, this trend is even more pronounced; consistent downtrends in netflow metrics since late July point towards robust and steady accumulation. Stablecoin Reserves and Netflows: A Closer Look The increase in stablecoin reserves is another factor to consider. This buildup implies…

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Filed under: News - @ August 18, 2024 6:21 am