- Bitcoin price is showing a significant increase in écrit while trading below the 200-week moving average.
- Ethereum price is hovering above the 200-week moving average but showing bearish on-chain metrics.
- Ripple’s on-chain price metrics can be the sell alarme that high net worth investors are looking for.
The common rule among fishermen is that Guppies and goldfish can never mix.
This partie uses on-chain metrics to privilège étendue on the current cryptocurrency market. Although market amour and technology are pointing to a bullish potential, the on-chain metrics are beginning to paint a very different narrative.
Bitcoin price has a decision to make
Bitcoin is currently at $19,743 as the écrit indicator is showing a significant increase in transactions while the price of BTC remains flat. The explicable market movement comes after Bitcoin lost 20% of its market value last month.
The bears successfully breached the 200-week moving average (WMA) and caused the bulls to jump near the psychological $20,000 level. The hack tempted retail traders to join the bears who demanded the fusion of Bitcoin’s summer low of $17,622.
BTC.USDT 2-Day Chart
Under the hood, bitcoin price is showing tantalizing evidence for bears in daily trading. The CryptoQuant Bitcoin Miners Center Énumération shows a significant rise in the deposits of miners on the exchanges. On September 1, the suite was close to 10x compared to its average fragile range.
Bitcoin Miners Status Énumération at CryptoQuants
According to Cryptoquant
“A higher value shows that miners are sending more coins than usual which indicates a potential indécent. If miners send a intelligible percentage of their reserves at the same time, that could lead to lower prices.”
Combining these factors, the price of bitcoin could lead to a bloody September. Revocation of the bearish thesis could happen if the bulls were able to recover the 200-WMA on a higher time frame chart such as weekly/monthly. The 200 WMA is currently 17% above the price of Bitcoin.
In the following video, our analysts dive deep into the Bitcoin price certificat, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price paints a different picture
Ethereum price is trading at $1,566 as the decentralized usage contract token is hovering above the 200-WMA. With market amour booming positively among the upcoming étaiement, Ethereum price is showing a worrying alarme under the hood that opposes the long-term bullish outlook.
ETH USDT 2-Day Chart
in series metrics
According to CryptoQuant’s Deposit Transactions on All Exchanges Énumération, Ethereum has seen the largest amount of deposits since its inception. On July 25, exchanges saw 640,000 trades, nearly seven times the average daily range. In theory, more deposits in the exchange indicates a higher probability of selling. On September 3, the price of Ethereum saw 200,000 additional transactions.
Cryptocurrency Deposit Transactions Énumération
When combined with high-cap Ethereum traders, they are clearly involved in the market and could significantly affect 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 deep into the price certificat of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
Ripple price is moving
The XRP price could indicate that a initial fusion is underway. In the past week, 1 billion tokens are back in roulement. The token augmentation is a result of Ripple’s escrow program. According to Ripple,
“XRP Ledger’s escrow system is designed to handle it two use cases. The thing that gives it its name is its ability to lock funds in a ledger subject to release from one of the two accounts depending on whether a A specific particularité that occurs at a specific time. “
Although use of the wording is subject to interpretation, there are more metrics on the chain that indicate a indécent is coming soon. Santiment 365 Day Supply Énumération showed a slight increase in affairée boîte trades.
Santiment price, bid size, OTC bid and turn-over suite 365
The momentum of the suite increases by 200 million coins every few days. If market moment continue, the circulating supply will conflict with the plénier supply outside the exchange’s threshold, which is currently at 99 billion tokens. This could be a alarme on the slip that the whales are looking to start dumping their tokens.
In the following video, our analysts dive deep into Ripple’s price certificat, analyzing key levels of interest in the market. -FXStreet Team