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May 22, 2024
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Caution Ahead! Here’s How Ethereum (ETH) & Bitcoin (BTC) Will Perform In October

The post Caution Ahead! Here’s How Ethereum (ETH) & Bitcoin (BTC) Will Perform In October appeared first on Coinpedia Fintech News

There was a strong bearish sentiment that grew throughout September and Bitcoin’s price has had a difficult time sustaining itself above the $20,000 psychological support level.

All eyes are looking for greener price charts for the leading cryptos in the final three months because Ether (ETH) and the majority of altcoins are in the red or on a range bound trend.

Technical indicators have provided a signal about what to expect in October despite the extreme volatility in the cryptocurrency market, here are few of them. 

There was a decrease in blockchain demand and the entire cost of using a blockchain shows both the demand for and willingness to pay for it. Just under $30 million was generated by Bitcoin network fees over the past quarter, down from $42.9 million in Q2 2022.

Ethereum fees, on the other hand, fell even further, from $1.29 billion in Q2 to $264 million in Q3, representing a 79% quarter-over-quarter decline (q-o-q).

Net flows also showed that, in contrast to BTC, where mood was neutral, ETH had a more positive position. Over the $192 million in net outflows from Q2, Bitcoin saw small inflows of under $50 million into controlled exchanges. For the fourth consecutive quarter, over $1 billion worth of Ether (ETH) departed exchanges, while Q3 outflows were $57 million lower than Q2’s.

BTC bulls may not visit soon

A major price increase looks far away without a good pump from whales and retailers. Whale metrics from Santiment showed that, as of press time, there was neither significant whale accumulation nor large utility in BTC.

BTC whales with between 100 and 10,000 BTC in their possession are still dumping. 3.5% of the supply at these important addresses has been transferred to addresses with less bearing on future price changes throughout the course of the past year.

Another 0.4% of BTC’s supply was disposed of just in September. An important pattern to look out for in October is would-be whale accumulation.

Another troubling indicator that emerged from a check at BTC financing rates is that traders are gradually longing more and more when the price doesn’t fall.

Once the longs are sufficiently elevated, another dump occurs, traders briefly try to short, but eventually give up and start to long once more.

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