Subject to a positive trend from the S&P 500, Ethereum [ETH] You will likely experience some relief in the market. This was because the altcoin shares a certain relationship with the index market.
According to an update from Santiment, ETH may follow the trend of S&P, same with Bitcoin [BTC]. But chance of opportunity largely depends on whalers’ decision to focus on accretion.
📊 The things you are looking for # bitcoin And the # Ethereum Such as #SP500 The week started on a positive note. Do you track whales? Ideally, the backlog should be obvious, while small traders continue to do so # bis and promote doom and gloom. https://t.co/WSbiYBiEBR pic.twitter.com/SojEGZG9aL
– Santimentfeed October 18 2022
over here AMBCrypto Ethereum Price Prediction For 2022-2023
Do you track ETH whales?
Interestingly, the Ethereum whales seem determined to see the S&P correlation. This was due to the renewed interest in accumulating large amounts of assets.
According to Santiment, ETH transactions are worth around $100,000 and over 414 at press time. On October 17, transactions were around 209. This increase means that interest in the coin has been intensely high given the nearly doubling effect in 24 hours.
However, it was not as extensive activity as the $1 million transaction data showed otherwise. Based on feelings While transactions in this regard declined from 85 deals on October 17 to 29 as of press time.
At the other end, Glassnode’s data show up The net inflow of ETH for the daily exchange was negative. According to the on-chain analytics platform, the daily inflow of ETH is $170.7 million. As for the outflow, it amounted to $212.7 million, resulting in a deficit of $42 million. This data revealed that many retail investors have sold their ETH.
At the same time, another section of the exchange is likely to be sent to dishonest wallets in the long run. Besides, it looked like Milestones Recorded by Ethereum in the past has not been slower.
According to Glassnode, ETH 2.0 deposit contract The total reached another all-time high (ATH). At the time of publication, the filing was 14,279,287 ETH.
While the zinc alto king gained 1.06% a plus In the past 24 hours, there were indications that it might move towards the $1,400 area.
Prepare for greatness
Based on the 4-hour chart, ETH investors can prepare for a long-term rally. While the signals were slim, the Bollinger Bands (BB) revealed that the current low volatility could translate into high levels.
Additionally, Chaikin Money Flow (CMF) at 0.18 indicates that the money flow into Ethereum has been impressive lately.
As such, CMF could have been useful in the recent increase. However, there could be a decrease in the money flow given the signs of a possible downtrend.
For Balance Volume (OBV), a rise to 1.225M indicates that there is a positive general sentiment that could end with bullish momentum.