It seems that Kraken crypto exchange just released a warning about Ethereum to interested investors. Check out the latest reports below.
Kraken issues important warning
It’s been just revealed that Kraken is warning Ethereum (ETH) investors that some on-chain metrics are suggesting further downside pressure on the digital asset.
Kraken has just posted on Twitter that an increase in ETH flowing into exchanges could mean that bears currently have the upper hand on the bulls.
“ETH’s netflows on exchanges show that market participants are moving ETH onto exchanges, suggesting sell-side demand may be outpacing buy-side demand.”
The exchange also said:
“Should this trend continue, ETH’s price may drop as immediately marketable supply increases.”
It’s also important to note the fact that Kraken says in a new report that Ethereum’s market value to real value Z-score (MVRV Z-score).
This compares an asset’s market value to its realized value and is used to detect overbought or oversold conditions. The metric is currently hovering in bullish territory.
Check out the complete notes in the original post that the exchange released not too long ago.
ETH could see accumulation again
In other news, it’s been just revealed that the crypto trader Michaël van de Poppe just said that the current war in Eastern Europe could drive crypto stalwarts Bitcoin (BTC) and Ethereum (ETH) to new lows.
In a new video, he just said that the conflict between Ukraine and Russia is causing economic uncertainties. These are impacting indices, inflation rates as well as the prices of gold and Bitcoin.
“At this stage, we are seeing that Bitcoin is dropping down significantly and why is that? That’s because of short-term panic. You must understand that traders are short-term based people, very impulsive, emotional and that is what the markets are reflecting…”
Stay tuned for more news.
