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Ethereum’s rally halts: Examining ETH’s potential next moves

June 9, 2024
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Ethereum’s rally halts: Examining ETH’s potential next moves
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  • Ethereum’s current decline signaled a cooling-off from its recent highs
  • Derivative data pointed to continued market interest.

Ethereum [ETH] seems to have come off its ETF hype-induced rally as bulls have started to take a hike.

At press time, the largest altcoin in the world has seen a decrease of 3.7% over the past day and 2.5% over the past week as the market awaits the approval of the S-1 forms for the ETFs. So, is the rally over already?

AMBCrypto’s analysis of TradingView saw that Ethereum has been unable to maintain its highs and is now consolidating at lower levels.

The Moving Averages (MA50 in blue and MA200 in red) indicated a cooling-off period.

Source: TradingView

Initially, the price surged above both moving averages in a strong bullish move but has since declined and is now trading below these key indicators, as we see a shift to bearish momentum in the short term. 

The RSI, sitting around 45, also indicated a lack of strong buying momentum, with values leaning more toward the oversold territory, but not conclusively so.

Source: Santiment

Ethereum’s social volume has also declined significantly, suggesting that public interest in and sentiment toward the altcoin are low. 

This reduction in social engagement could be contributing to the decrease in Ethereum’s price, as less discussion might correlate with reduced trading activity and demand.

Source: Coinglass

Interestingly, the trading volume of Ethereum’s derivatives market has sharply increased by over 70%, meaning there is heightened market engagement.

Notably, the long/short ratio across different platforms also shows more bullish sentiment on platforms like Binance [BNB] and OKX.

Source: IntoTheBlock

What Ethereum’s future holds

The on-chain data for Ethereum presented a predominantly bullish scenario. 89% of holders are currently making money at the present price, indicating a strong upward trend that has benefited the majority. 

See also  Notcoin (NOT) Develops Falling Wedge Triangle: Rally Looms?

Read Ethereum’s [ETH] Price Prediction 2024-25


The significant concentration of the token by large holders (51%) suggested that while there was potential for high volatility due to possible large-scale sell-offs, the market was stable, with these major holders likely maintaining their positions.

Overall, Ethereum bulls seem to be cooling off temporarily, likely due to the latest US jobs data. But the rally is not over yet.

Next: ARB suffers despite Arbitrum’s soaring TVL: Here’s why

READ ALSO

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Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

  • Ethereum’s current decline signaled a cooling-off from its recent highs
  • Derivative data pointed to continued market interest.

Ethereum [ETH] seems to have come off its ETF hype-induced rally as bulls have started to take a hike.

At press time, the largest altcoin in the world has seen a decrease of 3.7% over the past day and 2.5% over the past week as the market awaits the approval of the S-1 forms for the ETFs. So, is the rally over already?

AMBCrypto’s analysis of TradingView saw that Ethereum has been unable to maintain its highs and is now consolidating at lower levels.

The Moving Averages (MA50 in blue and MA200 in red) indicated a cooling-off period.

Source: TradingView

Initially, the price surged above both moving averages in a strong bullish move but has since declined and is now trading below these key indicators, as we see a shift to bearish momentum in the short term. 

See also  Ethereum nears $3,200, jumps 10%: Bullish breakout ahead?

The RSI, sitting around 45, also indicated a lack of strong buying momentum, with values leaning more toward the oversold territory, but not conclusively so.

Source: Santiment

Ethereum’s social volume has also declined significantly, suggesting that public interest in and sentiment toward the altcoin are low. 

This reduction in social engagement could be contributing to the decrease in Ethereum’s price, as less discussion might correlate with reduced trading activity and demand.

Source: Coinglass

Interestingly, the trading volume of Ethereum’s derivatives market has sharply increased by over 70%, meaning there is heightened market engagement.

Notably, the long/short ratio across different platforms also shows more bullish sentiment on platforms like Binance [BNB] and OKX.

Source: IntoTheBlock

What Ethereum’s future holds

The on-chain data for Ethereum presented a predominantly bullish scenario. 89% of holders are currently making money at the present price, indicating a strong upward trend that has benefited the majority. 


Read Ethereum’s [ETH] Price Prediction 2024-25


The significant concentration of the token by large holders (51%) suggested that while there was potential for high volatility due to possible large-scale sell-offs, the market was stable, with these major holders likely maintaining their positions.

Overall, Ethereum bulls seem to be cooling off temporarily, likely due to the latest US jobs data. But the rally is not over yet.

Next: ARB suffers despite Arbitrum’s soaring TVL: Here’s why
Tags: EthereumsETHsExaminingHaltsMovesPotentialrally

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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EDITOR'S PICK

FLOKI’s 40% surge and energetic bulls can leave investors wanting for more

FLOKI’s 40% surge and energetic bulls can leave investors wanting for more

October 23, 2023
Atari’s Cautious Entrance into Web3

Atari’s Cautious Entrance into Web3

November 3, 2023
Immutable’s Guild of Guardians knocks off NodeMonkes from top daily NFT sales spot

Immutable’s Guild of Guardians knocks off NodeMonkes from top daily NFT sales spot

May 31, 2024
This Bitcoin Mining Stock Leads the Pack as Next Halving Approaches

This Bitcoin Mining Stock Leads the Pack as Next Halving Approaches

March 1, 2024

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