Crypto

Top 3 Price Predictions for Bitcoin, Ethereum and Ripple: Whale Watching 101 – Guppies vs Goldfish | Cryptocurrency

  • The price of bitcoin is showing a significant increase in volume, trading below the 200-week moving average.
  • The price of Ethereum is hovering above the 200-week moving average, but showing bearish performance within the network.
  • Ripple price measurements on the network could be a sell signal that large-cap investors are looking for.

There is a rule among anglers that guppies and goldfish should not be mixed.

This article uses network metrics to get an idea of ​​the current cryptocurrency market. While market sentiment and technical data point to upside potential, on-chain metrics are starting to paint a very different picture.

Bitcoin price has to make a decision

The price of Bitcoin is currently auctioning at $19,743 as the volume profile indicator shows a significant increase in transactions while the price of BTC remains unchanged. The banal market move comes after bitcoin lost 20% of its market value last month.

The bears successfully broke through the 200-week moving average (WMA) and knocked traders off the psychological $20,000 level. The disruption prompted retail traders to join traders calling for Bitcoin to sell off a summer low of $17,622.

BTC.USDT 2-day chart

String metrics

Under the hood, Bitcoin price is showing confusing evidence of bearish day trading. The CryptoQuant Bitcoin Miner Position Index shows a significant increase in miner deposits on exchanges. As of September 1, the indicator was almost 10 times higher than its average fluctuation range.

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CryptoQuants Bitcoin Miner Position Index

According to Cryptoquant

“A higher value indicates that miners are sending more coins than usual, indicating a possible sell-off. If miners send part of their stash at the same time, it could cause the price to drop. »

The combination of these factors could lead to a bloody September. A rebuttal to the bearish thesis could come if traders can rebuild the 200-WMA on a long-term chart such as a weekly/monthly chart. 200 WMA is currently 17% higher than the price of Bitcoin.

In the following video, our analysts dig deeper into Bitcoin’s price behavior by analyzing key levels of interest in the market. -Team Netcost-Safety

Ethereum price paints a different picture

Ethereum price is trading at $1,566 as the decentralized smart contract token hovers above 200-WMA. As market sentiment turns positive amid an impending crash, the Ethereum price is showing an ominous signal under the hood that is hampering long-term bullish outlook.

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2-day ETH USDT chart

On-chain metrics

According to CryptoQuant’s All-Exchange Deposit Transactions indicator, Ethereum has had the highest number of deposits since its inception. On July 25, exchanges recorded 640,000 transactions, almost seven times the average daily range. Theoretically, the more deposits on the exchange, the higher the likelihood of a sale. On September 3, there were 200,000 more transactions in the Ethereum price.

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Indicator of deposit transactions on the Crypto Quants exchange

Collectively, large-cap Ethereum traders are clearly in the market and could significantly influence the price of Ethereum in the coming weeks. Careful trading thinking based on confounding variables should be applied.

In the next video, our analysts delve deeper into Ethereum’s price action by analyzing key levels of market interest. -Team Netcost-Safety

Ripple price is on the move

Ripple XRP price may hint at a major liquidation. Last week, 1 billion tokens entered circulation again. Token inflation is the result of Ripple’s escrow program. According to Ripple,

“The XRP Ledger escrow system is designed for two use cases. What gives it its name is its ability to freeze funds on the ledger to be transferred to one of two accounts depending on whether a particular condition occurs at a given time. ”

Ripple Escrow Program

While the use of this wording is open to interpretation, there are more indicators online that signal a sale is imminent. Santiment’s 365-day circulating supply indicator showed an increase in transactions from active wallets.

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Sentiment price, volume, OTC offer and 365 circulation indicators

The momentum of the indicator increases by 200 million coins every few days. If market conditions continue, the circulating supply will collide with the total OTC supply threshold, which currently stands at 99 billion tokens. This could be a chain signal that the whales are looking for to start offloading their tokens.

In the next video, our analysts delve deeper into Ripple’s price behavior by analyzing key levels of market interest. -Team Netcost-Safety

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