- The total supply of bitcoin prices on exchanges continues to decline, suggesting that whales are not interested in selling.
- Ethereum Netflow deposits continue to rise, suggesting seller pressure is building.
- Ripple was the underperformer of the trio, but technicals suggest a change in tide could be coming soon.
The cryptocurrency market is turning trader friendly as the top 3 coins are starting to lose correlation.
Bitcoin price has a higher target
Bitcoin price continues to validate the outlook of previous technical analysis published during July. At the moment, BTC price is trading at $24,182 and intraday traders are taking profit taking consolidation near $24,600.
Despite the sharp drop in price, peer-to-peer cryptocurrencies are still very bullish. Santiment’s on-chain indicator further complements the bullish technicals.
Specifically, the Exchange Supply (% of Total Supply) indicator has consistently declined. In fact, recent data suggests submersion due to sudden free fall. Theoretically, this indicator shows the number of active whales in the market that have the power to influence the price of Bitcoin. A fair assumption suggests that the further the indicator falls, the more bullish Bitcoin becomes.
Santiment supply on exchanges
In the following video, our analysts take a deep dive into Bitcoin price dynamics and analyze the main levels of interest in the market. -FXStreet Team
Ethereum price may fall in the short term
Ethereum price has crossed the $1,900 target predicted in our previous outlook. Twitter has been aggravated by negative bear sentiment over the Ethereum merger, with several analysts pitching bearish ideas to the smart contract giant, but here at FXStreet a warning was issued not to believe the hype. Ethereum continues to show strong confluence at the $1,900 level with ETH price very likely to hit the $2,200 zone.
However, on-chain analysis suggests that the bears are very interested in securing profits. CryptoQuant’s Exchange Netflow Total Indicator has increased throughout the week. In just one day, our total deposits increased by 100%. According to CryptoQuant, “Higher deposits can be interpreted as higher selling pressure.”
Crypto Quant Exchange Netflow Total
In the following video, our analysts take a deep dive into Ethereum’s price action and analyze key levels of interest in the market. -FXStreet Team
Ripple Price Can Gain Power Soon
Ripple is up 25% since its plunge on July 27th. Digital remittance tokens perform poorly compared to Bitcoin and Ethereum. Still, technicals suggest a second rally at 25% is likely as the bullish candle successfully penetrated and closed above the downtrend channel.
Ripple price should remain on traders’ watchlists as remittance tokens could be very volatile in the coming days. His second attempt at $0.41 should catalyze a 25% rally targeting $0.47. Defeating the uptrend theory relies on holding $0.325 as support.
XRP/USDT 1-day chart
In the following video, our analysts dive deep into Ripple’s price action and analyze key levels of interest in the market. -FXStreet Team