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Are Ethereum traders on edge? Yes, but look out for THIS key level!
The crypto space is in a tizzy as Ethereum [ETH] continues to flail between crucial support and resistance levels. The market dynamics have painted a mixed picture, leaving both bulls and bears uncertain about the future trajectory.
Recent data has revealed that over 7.9 million ETH held by addresses are being traded within the critical range of $1,540 and $1,630, setting the stage for a decisive breakout in either direction. Notably, the last 24 hours saw a minimal 0.37% drop, indicating a heightened sense of anticipation.
On-chain indicators highlight that whale accumulation has slowed down, signaling a potential shift in sentiment among large investors. Additionally, the estimated leverage ratio rose by a staggering 1.01% within the same timeframe, suggesting growing speculative interest and rising exposure across exchanges.
Moreover, ETH’s deflationary pressure appears to be weakening as its burn rate plunged sharply over the last week, now averaging around 27.08%. This development has rendered any meaningful hike in on-chain activity essential for bolstering bullish momentum.
In essence, a crucial inflection point is being reached where traders must carefully evaluate their positions and prepare for the potential consequences. While the prospect of a massive upside remains, the ominous bearish structure and declining burn rate have raised concerns about further downside risk.
A decisive breach above $1,630 could unlock targets at $1,860 or beyond, but failure to hold this level may invite a swift correction towards $1,475.
Source: https://ambcrypto.com/are-ethereum-traders-on-edge-yes-but-look-out-for-this-key-level/
