- Bitcoin price is showing a significant increase in volume while trading below the 200-week moving average.
- Ethereum price is hovering above the 200-week moving average, but is showing bearish on-chain metrics.
- On-chain ripple price measurements could be the sell signal that large-cap investors are looking for.
A common rule among anglers is that guppies and goldfish can never mix.
This article uses on-chain metrics to get perspective on the current cryptocurrency market. Although market sentiment and technical data suggest upside potential, on-chain metrics are beginning to paint an entirely different narrative.
Bitcoin price has a decision to make
Bitcoin price is currently selling at auction at $19,743 as the volume profile indicator shows a significant increase in transactions while BTC price remains stagnant. The banal market move comes after Bitcoin lost 20% of its market value last month.
The bears successfully broke through the 200-week moving average (WMA) and blew traders near the $20,000 psychological level. The breach prompted retail traders to join traders calling for a sell-off from Bitcoin’s summer low of $17,622.
BTC.USDT 2-day chart
Under the hood, Bitcoin price shows confusing evidence for day trading bears. CryptoQuant’s Bitcoin Miner Position Index shows a significant increase in miner deposits on exchanges. As of September 1, the indicator was nearly 10x from its average fluctuating range.
CryptoQuants Bitcoin Miners Position Index
According to the Cryptoquant
“A higher value shows that miners are sending more coins than usual, indicating a possible sell-off. If miners send part of their stash at the same time, it could trigger a price drop. »
Combining these factors, Bitcoin price could set up a bloody September. The invalidation of the bearish thesis may occur if traders can reclaim the 200-WMA on a longer term chart such as the weekly/monthly. The 200 WMA is currently 17% higher than the Bitcoin price.
In the following video, our analysts dive into Bitcoin’s price action, analyzing key levels of interest in the market. -Netcost-Security team
Ethereum price paints a different picture
Ethereum price is trading at $1,566 as the decentralized smart contract token hovers above the 200-WMA. As market sentiment blossoms in the positive amid the upcoming meltdown, Ethereum price is showing an ominous signal under the hood that thwarts the long-term bullish outlook.
ETH USDT 2-Day Chart
According to CryptoQuant’s All-Exchange Deposit Transactions Indicator, Ethereum has had the highest number of deposits since its inception. On July 25, exchanges recorded 640,000 transactions, almost seven times the average daily range. In theory, more deposits on an exchange indicate a greater likelihood of selling. On September 3, the Ethereum price saw another 200,000 transactions.
Crypto Quants Exchange Deposit Transactions Indicator
When combined, large cap Ethereum traders are clearly participating in the market and could significantly influence the price of Ethereum in the coming weeks. A cautious trading mindset should be applied based on confounding variables.
In the following video, our analysts dive into Ethereum’s price action, analyzing key levels of interest in the market. -Netcost-Security team
Ripple price is on the move
Ripple’s XRP price may hint at a large liquidation underway. Last week, 1 billion tokens re-entered the circulating supply. Token inflation is the result of Ripple’s escrow program. According to Ripple,
“The XRP Ledger escrow system is designed to handle two use cases. What gives it its name is its ability to lock funds on the ledger subject to release to one of two accounts depending on whether a particular condition occurs at a given time. ”
Ripple Escrow Program
Although the use of the wording is open to interpretation, there are more on-chain metrics signaling that a sale is imminent. Santiment’s 365-day circulating supply indicator showed an increase in transactions from active wallets.
Santiment price, volume, off-exchange supply and 365 circulation indicators
The momentum of the indicator increases by 200 million coins every few days. If market conditions persist, the circulating supply will collide with the total off-exchange supply threshold, currently positioned at 99 billion tokens. It could be a chain signal that the whales are looking for to start unloading their tokens.
In the following video, our analysts dive into Ripple’s price action, analyzing key levels of interest in the market. -Netcost-Security team
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Top 3 Bitcoin, Ethereum, Ripple Price Predictions: Whale Watching 101 – Guppies vs Goldfish | Cryptocurrency
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