The price may have bottomed out as a result

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In the Premium environment of Crypto Insiders, current technical analysis is shared daily by experienced analysts. Ethereum (ETH) has been discussed here regularly in recent times. In this section, we look back at this technical analysis and map the latest developments and expectations for the coming period. If you still have questions after reading this article, you can easily ask them in our Discord community, where our technical analysis is usually ready 48 hours earlier to our members.

Record number of Ethereum (ETH) addresses in loss

The image below shows the number of addresses that are under water on the Ethereum network, that is, the ETH that received/bought the wallet in question is lower than the purchase value. When many addresses are in losses, this is historically an indication of a near market bottom. Historically, we often see it with great losses weak hands (short-term investors who easily sell their coins) sell their coins, then these coins are bought by strong hands (long-term investors with strong convictions). When the strong hands gain the upper hand, it can provide a more solid investor base. This can have a positive effect on the price in the long term.

Currently, the total number of addresses under water has reached a new record. With the past year’s negative price action, more than 41 million addresses are at a loss. This corresponds to more than 25% of the total number of addresses. A similar scenario was last achieved in June. Historically, we see that a local bottom can be close when the number of addresses with losses reaches record highs, examples are the market bottom in 2019 and the crash in 2020.

What are the expectations for Ethereum (ETH)?

Whether the above developments will have a further impact on the price depends on a wide range of factors that differ daily. After all, the crypto market is highly subject to economic events and traditional stock markets. Therefore, it is sometimes difficult to determine the right time to invest in a particular project. For example, a technical analysis can help determine the time frame in which a cryptocurrency is (or could be) interesting to buy or sell. Based on, for example, the investment history and the identification of patterns in price movements.

Technical analysis ETH price

The analysts in the Premium community of Crypto Insiders recently provided another update to the ETH forecast. They expect us to still be able to climb hard. This is because we just got one internal wave 2 Elliott Wave completed using an ABC pattern. The third wave is here impulsive and always rises explosively and hard. They expect that we might be able to hit the air hard from the green buy zone on the chart. We therefore keep a close eye on ETH within the Premium environment. Updates will also continue to be shared here with all members. This way, they never miss a great opportunity or new updates.

The above ETH analysis was shared in our Discord area for members on October 3, 2022.

Buy or sell ETH?

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