Last May 30 quackEthereum (ETH) core designer Tim Beiko confirmed that great anticipation can be expected from proof of work to proof of object “around June 8 or so.
Interestingly, Ether’s pricing action is relatively unchanged despite an unexpected bullish announcement. It was a + 10% increase on May 30, but this profit was given back between May 31 and June 2. It is very likely that this event will still be priced, which gives traders and investors a possible advantage over initial participation.
It is necessary to monitor the data on the chain
From the perspective of investment and trading, cryptocurrency markets have particular disadvantages compared to regulated markets and transparency. The stock market is chock-full of legally required information. In the stock market, the retailer can identify how many stocks are in short supply, which institution bought (or sold) large amounts of information, which insiders bought or sold, and a wealth of other information.
Cryptocurrency markets do not have such legal requirements. In fact, the public does not know whether Bitcoin (BTC) or Ethereum, which is being bought and sold on the stock exchange, is a real cryptocurrency or a type of internal derivative used to facilitate liquidity. But cryptocurrencies have something better than the stock market and there is data on the chain.
Chain data enables investors and traders to monitor blockchain network activity. It can answer questions: How many Ether are being sent for exchange? Are there any big deals? Are any “whale” wallets bigger or smaller? Chain data can help determine whether a trader or investor should be bullish or bearish.
Inflow and outflow chain data are often used to determine the bias of whether a cryptocurrency is bullish or bearish. Inflow measurements are cryptocurrencies that enter the stock market from an outside wallet and are often seen as a sign of future selling pressure. Outflow measurements are cryptocurrencies that go out of the stock market in an outer wallet and are often seen as a sign of seizure or accumulation.
The number of inflow trades has remained fairly stable over the past three months and has fallen sharply since mid-May.
- Inflow 24 hours change: -13.50%
- 7-day inflow change: -5.87%
- 30-day inflow change: -8.08%
However, the number of outflow trades has decreased since March. In addition, there was a sharp increase in emissions on May 12, the date of Ether’s last collapse, followed by a recession in the outflow.
- Emissions 24-hour change: + 3.62%
- Outflow 7 days change: + 8.87%
- Outflow 30 days change: -1.56%
It is worth noting that since May 29, outflows have increased and inflows have decreased. This could be a bullish sign that a lot of money is accumulating.
Related: 3 key indicators that traders use to determine when the altcoin period begins
Ethereal prices fluctuate widely and fluctuations are at an all-time low
Combine the event in the near future is one of the most important in the history of Ethereum. It is rare to see the world’s second most valuable cryptocurrency stand at a 200-day low, down more than 60% from its all-time high.
Perhaps the most important and important information about Ether is the position of the relative strength index and the composite index.
The weekly relative strength index continues under conditions in the beef market, but is just above the final sales level of 40. The current value of 42.15 is the lowest since the week of March 18, 2019.
The composite index is also close to an all-time low. The composite index, developed by Connie Brown, is essentially an RSI with momentum. It is an unlimited swing and can achieve deviations that RSI can not. The weekly composite index value is the third lowest in the history of Ethereum and the lowest since the week of March 26, 2018.
Excessive sales of Ether Weekly, an increase in outflows and a decrease in inflows can give Ethereum investors and traders a good reason to be bullish in the near future. However, any potential bullish reaction is likely to be swift and sudden, but limited to the 2022 tiebreaker of $ 2,600.
The views and opinions expressed herein are those of the authors only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading business involves risk, you should conduct your own research when making a decision.
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