Researchers from Cryptoquant noted a very large flow of air on derivative exchanges

Analysts from Cryptoquant recorded the largest Ethereum in the last months on derivative platforms: on April 16, more than 77 thousand ETH coins were on exchanges. Similar events were observed on March 26 and April 3. Each of them preceded a significant decrease in prices. Historically, such tributaries indicate the growth of hedging and the opening of short positions by large market participants, which usually entails pressure on the price of the asset.

In this case, the situation is complicated by an external background. Last week, the PRC authorities announced the introduction of tariffs for a number of American goods, including agricultural products and high -tech items. This step was a response to US sanctions regarding the Chinese semiconductor sector and electric vehicles. The aggravation of the trade conflict between the two largest economies in the world increased the mood of RISK-OFF in the global markets and led to the outflow of capital from high-voltage assets, including cryptocurrencies.

“Against the background of this increase in Ethereum tension, it is already trading near many months of minimums – about $ 1,500. On the graph, we see a repeating pattern: after each significant flow of ETH on the derivative exchanges, there was a tangible drop in the course. Now, with a new record value of 77 thousand ETH, fears regarding further pressure on the price are intensified, ”the experts said.

Additional uncertainty add data from Glassnode. According to the distribution of the cost of acquisition, the short -term dynamics of ETH will probably be formed near 3 key levels: $ 1457, where 408 thousand ETH, $ 1546 (822 thousand ETH) and $ 1598 (725 thousand ETH) are concentrated. These levels can act as support and resistance in the coming days, especially in conditions of high volatility and liquidity reduction. Thus, the current picture indicates a possible continuation of the descending dynamics in the short term.

Author

Peter Ivanov