{"id":7326,"date":"2023-06-05T13:19:10","date_gmt":"2023-06-05T13:19:10","guid":{"rendered":"https:\/\/www.bitrabo.com\/community\/ethereum-bearish-signal-profit-taking-transfers-spike\/"},"modified":"2023-06-05T13:20:11","modified_gmt":"2023-06-05T13:20:11","slug":"ethereum-bearish-signal-profit-taking-transfers-spike","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/ethereum-bearish-signal-profit-taking-transfers-spike\/","title":{"rendered":"Ethereum Could Be Bearish, As Profit-Taking Transfers Surge"},"content":{"rendered":"\n<div>\n<p>According to on-chain data, profit-taking transactions in the Ethereum market have increased recently, signaling a potential bearish trend for the asset.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Surge_In_Ethereum_Profit-Taking_Volume_Indicates_Potential_Bearish_Trend\"><\/span>Surge In Ethereum Profit-Taking Volume Indicates Potential Bearish Trend<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The analytics firm Santiment reported that a substantial amount of profit-taking is currently ongoing in the Ethereum market. The relevant indicator used is the \u201cratio of on-chain transaction volume in profit to loss,\u201d which compares the profit-taking transfers with the loss-taking ones.<\/p>\n<p>The metric looks at the on-chain history of each coin to determine its last selling price. If the coin&#8217;s current selling price is higher than the last selling price, it is counted inside the profit-taking volume. Conversely, if the last selling price is higher, the coin is counted in the loss-taking volume.<\/p>\n<p>As shown in the chart, the profit-to-loss transaction volume ratio for Ethereum has increased substantially over the past few days, indicating a higher number of profit-taking transactions than loss-taking ones:<\/p>\n<p>\n      \n   <\/p>\n<pre style=\"text-align: center;\">The value of the metric seems to have been quite high in recent days | Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/santimentfeed\/status\/1665095045253578754\/photo\/1\">Santiment on Twitter<\/a><\/pre>\n<p>A positive ratio indicates that profit-taking transactions are more dominant than loss-taking ones, and currently, the metric shows a high level of positive values.<\/p>\n<p>On a spike in the ratio yesterday, the metric reached a peak value of 1.3, indicating that profit-taking transfers were happening 2.3 times more than loss-taking ones. The highest value for this metric was seen in January this year, during the asset&#8217;s first rally, when profit-taking had peaked, and the upward trend had slowed down.<\/p>\n<p>Since the recent spike in profit-taking yesterday, the price of Ethereum has fallen below $1,900, indicating the potential bearish impact of profit-taking.<\/p>\n<p>Santiment suggests that the ratio needs to cool down if Ethereum&#8217;s price has to make a significant movement towards the $2,000 level.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"ETH_Price\"><\/span>ETH Price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As of writing, Ethereum is trading at around $1,800, down by 2% over the last week.<\/p>\n<p>\n      <img loading=\"lazy\" decoding=\"async\" loading=\"lazy\" class=\"alignnone size-medium aligncenter\" src=\"https:\/\/www.tradingview.com\/x\/KvEjOVp4\/\" alt=\"Ethereum Price Chart\" width=\"1533\" height=\"911\"\/>\n   <\/p>\n<pre style=\"text-align: center;\">ETH hasn't moved much in the last few days | Source: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\">ETHUSD on TradingView<\/a><\/pre>\n<p>Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to on-chain data, profit-taking transactions in the Ethereum market have increased recently, signaling a potential bearish trend for the asset. Surge In Ethereum Profit-Taking Volume Indicates Potential Bearish Trend The analytics firm Santiment reported that a substantial amount of profit-taking is currently ongoing in the Ethereum market. The relevant indicator used is the \u201cratio [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Ethereum Could Be Bearish, As Profit-Taking Transfers Surge - Bitrabo","description":"According to on-chain data, profit-taking transactions in the Ethereum market have increased recently, signaling a potential bearish trend for the asset. Surge"},"footnotes":""},"categories":[316],"tags":[1467,768,1468,1361,1120,1393],"class_list":["post-7326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bearish","tag-ethereum","tag-profittaking","tag-signal","tag-spike","tag-transfers"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7326","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=7326"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/7326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/7328"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=7326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=7326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=7326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}