Subsequent to the recent sell-off, the ETH/USD pair surged by more than thirty percent to 2,736 USD in a rebound move that followed a recent local low of 1786 USD. However, the strong bullish rebound emphasized another dead cat bounce in the making, mainly as on-chain indicators painted a bearish picture for ETH.
The CIO of Moscow-based banking service Moskovski Capital, Lex Moskovski alerted that the aggregated ETH inflow across all digital asset exchanges touched a yearly high of 199,947 ETH on Sunday.
Moskovski mentioned that the record digital asset inflow into all the virtual asset exchanges should make bulls cautious about their upside speculations.
He further noted,
“This is the biggest inflow we had this year. If it isn’t an internal [transaction], be careful.”
Last week, numerous crypto traders sold off their digital currency holdings on apprehensions that Elon Musk’s Tesla would do the same.
Apart from that, China further fueled the sell-off in the crypto market by repeating its objective to crack down on crypto assets last week. In the meantime, the US Treasury Department also declared its plans to regulate larger virtual asset transactions, and Musk kept posting perplexing mixed signals.
Ethereum price analysts also posted contradictory ETH/USD scenarios. A chart shared by the Crypto Cactus, a pseudonymous market analyst showed the pair at likelihood of plummeting toward 1,700 USD should it fall below an temporary support range around the two thousand dollars region.
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