Analyst Rewkang explains 'flows problems' of Ethereum $ETH supply Ethereum
Traders interested in short-term scalping opportunities are most likely buying Ethers as it reaches round numbers or among"fading sentiment," Mr. Kang says.
All other categories of Ethereum "believers" have already spent their"dip money" on the previous"1,000 dips." As such, nobody is interested in seeking a"buy the dip" opportunity for a second cryptocurrency right now.At the same time, the list of"sellers" increases day by day. First of all, instititions are reducing their exposure to Ethereum as it fails to meet their expectations.
Retail holders also need to sell their Ethereum bags, as they are"bleeding in all directions." The situation for many projects looks just the same: they need cash to cover their expenses. "Short sellers" and miners are two other categories of sellers as Ethereum fails to recover from plummeting: on May 27, 2022, it touched $1,600 level, which is 60% below its November ATH.
Last but not least, people who were interested in selling before but were waiting for a"bounce" are losing their hope for Ethereum recover, Mr. Kang adds.