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CryptoQuant explained why Ethereum is weak: Will the record come?
CryptoQuant, an important analysis evaluating the potential for Ethereum (ETH) to reach a new all-time high (ATH) has been shared.
Key metrics in past cycles and Bitcoin's recent rise are among the indicators used to predict Ethereum's next move.
The total balance in Ethereum's accumulation addresses has now reached 19.5 million ETH (approximately 78 billion dollars). By comparison, Bitcoin's accumulation addresses hold 2.8 million BTC (approximately 280 billion dollars).
Although the total dollar value held in Bitcoin accumulation addresses is about four times that of Ethereum, Ethereum's market value is only one-fourth of Bitcoin's. This indicates that Ethereum has significant potential in terms of price.
What is the general situation in ETFs?
In recent months, there has been a continuous large inflow of funds into Ethereum ETFs. These inflows indicate a strong buying pressure on Ethereum and show that investors' interest in the crypto market continues. However, looking at past cycles, it is known that Ethereum generally peaks later compared to Bitcoin.
For example, in the 2021 bull market, Bitcoin peaked with a 480% increase in March, while Ethereum achieved a larger rally with a 1,114% increase in May. In this cycle, Ethereum is showing a significantly lower performance compared to Bitcoin, which may indicate a change in market dynamics.
Why did Ethereum fall behind?
Another reason behind Ethereum's price weakness is selling pressure. Ethereum's taker volume is currently at record low levels. Taker-seller volume has reached a level of -400 million dollars. This data shows that aggressive selling is effective in the market and creates pressure on the price. A similar situation occurred before Ethereum's peak in May 2021.
CryptoQuant highlights that despite the current price weakness of Ethereum, the growth potential continues. Increases in ETF inflows and accumulation addresses are among the key indicators supporting the possibility of Ethereum reaching a new peak. However, selling pressure and volatility in the market are factors that investors need to carefully monitor. In the competition with Bitcoin in the crypto market, Ethereum still presents a critical opportunity for investors.