CryptoQuant Analyst Announces New Price Prospect for ETH

CryptoQuant analyst Greatest_Trader pointed to some interesting metrics for Ethereum (ETH) in his analysis. The analyst said the following about the outlook of ETH:

“The chart below is composed of the Transaction Count Metric (30-day EMA) and the price of Ethereum. Typically, market bearish periods are followed by significantly lower activity by market investors, resulting in a lower transaction count. According to the chart, the metric is May 2021 It has been in a downtrend since and has recently hit a new low. Also, as the chart shows, every sharp downtrend in the metric has been accompanied by a significant price drop. Finally, the metric has experienced a significant drop indicating a lack of activity. , the price may soon face another drop to the key $1,000 support level.”

The on-chain Ethereum Exchange Reserve indicator also reveals that ETH reserves on centralized exchanges have decreased by more than 30%. While the cryptocurrency community is looking for a rebound as we enter the new year, prices have remained virtually unchanged. It has been almost a hundred days since the Merge update took place, which allowed the Ethereum blockchain to reduce energy consumption by almost 99%. Although there was a brief rise in ETH prices after this event, the upward trend was soon cut short due to the collapse of FTX and weak technical indicators.

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