- Ethereum could fall under the $3k psychological support zone soon
- Metrics flashed a strong buy signal, but there’s more that investors need to consider
Lately, Ethereum [ETH] has seen bearish sentiments strengthen behind it. In fact, a Santiment post on X (formerly Twitter) revealed that both Bitcoin [BTC] and Ethereum saw a hike in bear posting ahead of the halving.
Negative engagement on social media saw a positive change on 18 April when BTC bounced to $64.1k and ETH to $3,094. AMBCrypto analyzed other metrics to understand if investors should be buying ETH now.
Drop in gas fee could be a disguised threat
Source: Santiment
AMBCrypto noted that the Open Interest behind Ethereum has slid dramatically over the last ten days. It fell from a peak of $7 billion on 9 April (Ethereum priced at $3638) to $4.6 billion, at press time (Ethereum priced at $2997).
The sharp decline in OI meant speculators feared going long and lacked bullish conviction. It conveyed bearish sentiment. The 1-day RSI was also below neutral 50 for the most part since 18 March. This implied that momentum has favoured the sellers for a month now.
The average fees on the network have also been in decline. A recent AMBCrypto report highlighted that although it is a positive for users, it also points to a drop in demand for transactions on the blockchain.
Addressing the buying opportunity
Source: Santiment
The $3k psychological support zone would have been a fantastic buying opportunity a month ago. It still might prove to be. The 90-day MVRV ratio was below zero at press time, showing an undervalued asset and holders at a loss.
However, the mean coin age has adamantly trended higher for three weeks. Together, they signalled investors to buy Ethereum.
Is your portfolio green? Check the Ethereum Profit Calculator
And yet, the dormant circulation saw a massive spike on 18 April. This highlighted a flurry of token movements and could foreshadow a wave of selling. Moreover, Bitcoin was barely hanging on to the $61k support zone at the time of writing.
Patience and prudence could be extremely beneficial for investors. The likelihood of another sell-off is still high. The possibility of another month or two of consolidation following the halving, in light of recent overheated market conditions, is high too.
- Ethereum could fall under the $3k psychological support zone soon
- Metrics flashed a strong buy signal, but there’s more that investors need to consider
Lately, Ethereum [ETH] has seen bearish sentiments strengthen behind it. In fact, a Santiment post on X (formerly Twitter) revealed that both Bitcoin [BTC] and Ethereum saw a hike in bear posting ahead of the halving.
Negative engagement on social media saw a positive change on 18 April when BTC bounced to $64.1k and ETH to $3,094. AMBCrypto analyzed other metrics to understand if investors should be buying ETH now.
Drop in gas fee could be a disguised threat
Source: Santiment
AMBCrypto noted that the Open Interest behind Ethereum has slid dramatically over the last ten days. It fell from a peak of $7 billion on 9 April (Ethereum priced at $3638) to $4.6 billion, at press time (Ethereum priced at $2997).
The sharp decline in OI meant speculators feared going long and lacked bullish conviction. It conveyed bearish sentiment. The 1-day RSI was also below neutral 50 for the most part since 18 March. This implied that momentum has favoured the sellers for a month now.
The average fees on the network have also been in decline. A recent AMBCrypto report highlighted that although it is a positive for users, it also points to a drop in demand for transactions on the blockchain.
Addressing the buying opportunity
Source: Santiment
The $3k psychological support zone would have been a fantastic buying opportunity a month ago. It still might prove to be. The 90-day MVRV ratio was below zero at press time, showing an undervalued asset and holders at a loss.
However, the mean coin age has adamantly trended higher for three weeks. Together, they signalled investors to buy Ethereum.
Is your portfolio green? Check the Ethereum Profit Calculator
And yet, the dormant circulation saw a massive spike on 18 April. This highlighted a flurry of token movements and could foreshadow a wave of selling. Moreover, Bitcoin was barely hanging on to the $61k support zone at the time of writing.
Patience and prudence could be extremely beneficial for investors. The likelihood of another sell-off is still high. The possibility of another month or two of consolidation following the halving, in light of recent overheated market conditions, is high too.
can i order generic clomid without insurance where can i buy cheap clomiphene without dr prescription can i order clomiphene pills buying cheap clomid pill how to get cheap clomid no prescription where buy generic clomid can i get clomiphene without a prescription
Greetings! Utter gainful suggestion within this article! It’s the scarcely changes which wish turn the largest changes. Thanks a a quantity in the direction of sharing!
The thoroughness in this break down is noteworthy.
how to get zithromax without a prescription – azithromycin for sale flagyl price
order rybelsus 14mg for sale – how to get cyproheptadine without a prescription cyproheptadine 4 mg cost
buy domperidone medication – flexeril for sale online order flexeril 15mg pill
amoxiclav order online – https://atbioinfo.com/ buy cheap acillin
nexium 40mg tablet – https://anexamate.com/ buy generic esomeprazole
buy generic coumadin – https://coumamide.com/ order cozaar
meloxicam where to buy – https://moboxsin.com/ order mobic 7.5mg generic
buy deltasone 20mg online – allergic reactions oral prednisone 10mg
causes of erectile dysfunction – fast ed to take hims ed pills
cheap amoxil pill – https://combamoxi.com/ order amoxicillin sale
order fluconazole sale – diflucan 100mg uk order fluconazole 100mg generic
buy generic cenforce for sale – https://cenforcers.com/# cenforce 100mg cost
cialis vs tadalafil – does medicare cover cialis for bph tadalafil generico farmacias del ahorro
cialis super active reviews – cialis patent expiration date cialis alternative over the counter
buy zantac sale – online buy zantac 150mg generic
sildenafil citrate 100mg – https://strongvpls.com/# viagra with dapoxetine 100 60 mg
More posts like this would persuade the online time more useful. https://gnolvade.com/
This website positively has all of the information and facts I needed there this participant and didn’t positive who to ask. https://buyfastonl.com/gabapentin.html
This is a question which is in to my verve… Numberless thanks! Unerringly where can I find the phone details for questions? https://ursxdol.com/get-cialis-professional/
I couldn’t weather commenting. Warmly written! prohnrg.com
This is the make of delivery I turn up helpful. https://aranitidine.com/fr/modalert-en-france/
This is the make of advise I find helpful. https://ondactone.com/product/domperidone/
This is the kind of post I recoup helpful.
cheap methotrexate
More content pieces like this would make the web better. http://www.gearcup.cn/home.php?mod=space&uid=145813
dapagliflozin without prescription – buy dapagliflozin 10 mg for sale generic forxiga