Various metrics developed by Santiment employees, indicate on the fall of the Ethereum rate to $3,000.
Firstly, the Weighted Sentiment indicator, which reflects social activity around ETH, dropped below zero, which means a decrease in interest in this cryptocurrency. Secondly, the graph of the dynamics of changes in realized profits or losses indicates that over the past 340 hours, investors have recorded a profit of over $30 million and losses of $XNUMX million.
Change in the Ethereum rate (green line) and the amount of profit or loss recorded (red)
Thirdly, the Dormant Circulation indicator, which monitors the so-called "sleeping" coins, indicates that Ethereums are being sold by both hodlers and those who recently purchased digital assets. This fact also does not inspire confidence in the resumption of the bull rally in the cryptocurrency market. The only positive factor was the decrease in the supply of Ethereums on crypto exchanges, as traders withdraw purchased coins to personal wallets.
Given the negative readings of the above metrics, it can be assumed that the bearish trend will continue in the ETH market, emerged December 16. The coin is likely to break through the $3,238 barrier, which coincides with the 50% Fibonacci level, given the ETH price pump from $2,375 to $4,120. In this case, the Ethereum price will be at risk of falling to about $3,000, because this mark is the 61,8% Fibonacci level. Now kriptovalyuta costs $3,392, so it could fall in price by 11,6%.
Ethereum Price Likely to Fall
