Bears Prevail: Ethereum(ETH) Market Sentiment is Bearish

ETH Shows Mixed Signals During Consolidation
  • The sentiment for Ethereum falls as the FOMC meeting approaches.
  • The mood of the market for Bitcoin(BTC) and Ethereum(ETH) has turned bearish.
  • There are now more than 84.3 million Ethereum addresses with a non-zero balance.

After experiencing an upward trend, Ethereum sentiment has dropped. The market sentiment for Ethereum has turned bearish as the FOMC meeting approaches.

In a recent post on Twitter, ETH was trading above $1,640 before it decreased to the lows of $1,540.

According to CoinMarketCap, Ethereum is currently the second-largest cryptocurrency by market capitalization of $187,529,952,764 USD with its price sitting at $1,541.04 USD.

The market for Ethereum(ETH) is still down by 4.75% in the last 24 hours.

The overall market sentiment has turned bearish as the FOMC meeting approaches. Traders are now focused on the possible outcome of the meeting, which could result in more volatility in the markets. This is a super negative drop in the Ethereum sentiment and could result in more selling pressure in the market.

The market sentiment surrounding Ethereum, according to Sentiment, and on-chain data analytics firm, is negative. Even the cost of gas on Ethereum is a sign of a souring situation.

Although the leading altcoin, ETH may be experiencing problems, other altcoins like the Cardano (ADA) are having a smooth streak and have registered profit in the previous week.

Bitcoin(BTC) and Ethereum(ETH) have been on a roll lately, but the mood of the market has changed. There are now more than 84.3 million Ethereum addresses with a non-zero balance. After experiencing an upward trend, Ethereum sentiment has dropped.

According to glassnode the number of Ethereum addresses with a non-zero balance surged to an ATH of 84,381,102. 

In related reports, ETH is showing mixed price signals during consolidation. The digital asset is trading at $1,560 after finding support from the simple moving averages(SMAs).

To be fair, Ethereum is in a consolidation phase. For those who are not aware of the term, this means that the market is indecisive. The underwhelming trading volume also confirms this.

The crypto market has been indecisive in the last couple of days, as Bitcoin and most altcoins have been consolidating. Ethereum is one of the few cryptos that have shown some movement in either direction, but it has not been able to break out of its range.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer