Is Ethereum Headed for a Steeper Slide?
A bearish breakdown below the support trendline suggests an upcoming correction. If the daily candlestick closes beneath this critical threshold, it could pave the way for sellers to exert additional downward pressure, potentially triggering a further 20% price decline, bringing the ETH price down to approximately $1750. A healthy retracement in ETH price should bolster buyers to revive exhausted bullish momentum. The intraday trading volume in Ether is $19.3 Billion, indicating a 53% gain.
Over the past eight weeks, the Ethereum price has shown signs of recovery, evident from an ascending trendline on the daily chart. This trendline has historically served as a strategic buying point for investors during market dips, indicative of a robust recovery. However, during the current period of consolidation, Ether has been facing substantial resistance at the $2400 mark. The recent downturn pushed the price below both the 23.6% Fibonacci retracement level and the established support trendline.
Ethereum Long-Term Holder Ratio Surpasses Bitcoin
While current short-term trends suggest a cautious or downward trajectory for the Ethereum price, an analysis of the “Holder Ratio” chart presents a promising outlook for the cryptocurrency. In a retrospective of 2023, on-chain data from Intotheblock showcased on the X-platform revealed that the proportion of long-term Ethereum holders exceeded that of Bitcoin for the second time. This vital statistic underscores a growing trend of Ethereum investors committing to hold their assets for extended periods, outpacing similar commitments among Bitcoin investors. This increase in long-term holding reflects deepening confidence in Ethereum’s prospects and stability.
- Relative Strength Index (RSI): The daily RSI slope drops below the midline reflecting the sellers are strengthening their group over
- Exponential Moving Average (EMA): The ETH price above daily EMAs(50, 100, and 200) hints the broader market is strongly bullish.
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Hot Take: Ethereum’s Uncertain Future
Ethereum (ETH) has been experiencing a lateral trading pattern for over a month, fluctuating between two key levels at $2400 and $2137. The appearance of rejection wicks at both ends signifies uncertainty among investors. A recent sharp market downturn resulted in a notable drop in the ETH price and the breach of a crucial support trendline. This hints at the risk of further corrections and potentially triggering a steeper slide. However, despite short-term challenges, Ethereum’s long-term holder ratio surpassing Bitcoin indicates growing confidence in its prospects and stability. The market will continue to watch closely as Ethereum navigates these uncertain waters.
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