Is ETH ready to rebound or fall?
In the cryptocurrency space, ETH's market leadership is quietly changing even as the overall market value continues to climb. As the second largest cryptocurrency after Bitcoin, ETH is facing unprecedented challenges, and its market share has gradually shrunk to just over 15%, which undoubtedly puts the market at a critical crossroads.
Despite the challenges, ETH's technicals have shown some resilience. Its price has stood firmly above several important weekly simple moving averages (SMAs), including the 8-week and 20-week SMAs, a sign that suggests potential upward momentum. ETH's performance seems to be telling the market that even after experiencing violent price fluctuations, its inherent strength cannot be underestimated.
At the same time, there is a hint of optimism at the micro level of the market. A group of senior traders known as "smart whales" are taking advantage of market fluctuations for precise operations, frequently buying and successfully making profits, which to a certain extent provides confidence support for ETH's future trend. Their actions not only prove the attractiveness of ETH under certain conditions, but also reflect the market's recognition of ETH's long-term potential.
It is worth noting that the daily consumption of ETH has surged by 163% in the past week, which adds a new positive signal for the future price trend of ETH. Historical data shows that the increase in ETH consumption often foreshadows the upward trend of prices, because the increase in consumption means that the circulation of ETH in the market is decreasing, which may push up its price.
Although Ethereum's leadership in the market has been shaken, its strong technical side, the active participation of whale investors, and the growing consumption of ETH all paint a relatively optimistic picture for its future price trend. However, investors still need to remain cautious, especially against the backdrop of expected increased market volatility in the fourth quarter.
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