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Home » Ethereum Shorts Build Up As ETH Exchange Supply Increases

Ethereum News

Ethereum Shorts Build Up As ETH Exchange Supply Increases

Kolade Elusanmi
Last updated: May 17, 2022 2:02 am
By Kolade Elusanmi
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Ethereum price is expected to recover from the drop it suffered last week, following the building up of its shorts.
how to buy ethereum.jpeg - Coinscreed Latest Bitcoin and Crypto Updates

The world’s second-largest cryptocurrency, Ethereum (ETH), has entered a major correction amid the broader market crash. Following last week’s drop, the price of ETH has been hovering around $2,000 levels.

Santiment, an on-chain data provider, gives us some insight into what Ethereum’s next price action might be (ETH). On an 8-hour chart, the data provider noted that there have been heavy shorts building up for Ethereum at $2,000.

Ethereum ETH Shorts - Coinscreed Latest Bitcoin and Crypto Updates
Image credit: Santiment

However, Santiment adds that this rarely ends well for the shorter, and a short squeeze is likely to ensue. As a result, the price of Ethereum may recover.

However, another worrying factor is the ETH exchange supply. Santiment notes :

“While we saw a nice drop in supply on exchanges for the past year or so, May 1st 2022 saw a huge increase in supply on exchanges as folks rushed to exit their positions, which is reflected on the price itself.”

As a result, any further increase in the exchange supply would fuel another drop. This indicates that investors are in a panic and have given up completely. Even though the situation appears to be dire, this could be an excellent time to fill new positions.

Ethereum ETH Exchange Supply - Coinscreed Latest Bitcoin and Crypto Updates

Some Positive Ethereum Indicators

Santiment cites Ethereum’s 90-day MVRV (Market-Value-to-Realized-Value) Ratio. It goes on to say that the MVRV, which “measures the mid-term profit/loss of holders,” “shows that we are almost into the opportunity zone, which historically has seen a local bottom develop with a decent R/R.”

Ethereum ETH MVRV Ratio - Coinscreed Latest Bitcoin and Crypto Updates

On the other hand, global macros will continue to play a big role in deciding the crypto market momentum. Amid persisting inflation, the U.S. equity market and the S&P 500 are showing signs of weakness amid the fear of aggressive interest rate hikes by the Federal Reserve. At the same time, the fears of the United States going into a recession are high.

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