ETH Will Experience Short-Term Sell Pressure, Predicts Trader

  • A crypto trader and analyst named Ali recently tweeted about an on-chain metric for ETH.
  • Recently, the number of ETH deposits on centralized exchanges has spiked significantly.
  • Ali forecasted that there would be some short-term sell pressure for ETH.

The crypto trader and analyst Ali predicted in a tweet this morning that Ethereum (ETH) may experience some sell pressure soon. His post follows the recent spike in the number of ETH deposits made on centralized exchanges, as recently indicated by on-chain data.

At press time, ETH’s price was trading at $1,902.60 after a 3.09% 24-hour loss according to CoinMarketCap. This negative daily performance had also flipped the altcoin leader’s weekly performance into the red, which stood at 0.03% as a result. In addition to weakening against the U.S. Dollar, ETH was also down against Bitcoin (BTC) by 1.53%.

Daily chart for ETH/USDT
Daily chart for ETH/USDT (Source: TradingView)

The crypto’s price has dropped below the 9-day and 20-day EMA lines in today’s trading session. The wick present above the current daily candle suggests that the sell pressure Ali had predicted has already entered ETH’s charts, as bears attempt to push ETH?…

The post ETH Will Experience Short-Term Sell Pressure, Predicts Trader appeared first on Coin Edition.

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