- ETH bulls have been attempting to push for a recovery rally but have been facing resistance near the $2700 price level.
- As a result, investors are starting to falter, adding to the risk of capitulation.
It has been a week since Ethereum [ETH] embarked on a journey to recovery after crashing earlier this month. This allowed the market ample time to test the waters, and evaluate momentum and demand.
So far, the cryptocurrency has struggled to push well beyond $2,700, signaling weak demand above this price level.
Will ETH capitulate to lower prices?
ETH had a press time price of $2,649, down by 2.61% in the last 24 hours. This outcome further supported the observed lack of demand, underpinned by market uncertainty.
Source: TradingView
The RSI stayed below its 50% level, further confirming weak bullish momentum. This was further supported by reports earlier in the day, indicating that some institutions have been now offloading some of their ETH.
For example, private venture capital firm BlockTower reportedly sold 9,232 ETH worth approximately $24.8 million in the last few hours.
While these findings may suggest that the market is still on the edge and indecisive, some offers some confidence.
For example, the percentage of ETH in smart contracts has been rising and, at press time, was approaching 40%.
Source: Glassnode
The chart indicated that DeFi utility had been gaining traction, which should bode well for ETH’s demand.
In other words, organic demand has been growing, but ETH’s suppressed price action appeared to be as a reflection of market sentiment rather than on-chain performance.
The impact of market sentiment was evident in ETH exchange flow data. The cryptocurrency’s exchange netflows have for the most part been negative since the peak of the dip.
This meant it had maintained slightly higher outflows than inflows.
Source: CryptoQuant
Despite the observation, the exchange flows remain low, hence coinciding with the state of uncertainty in the market. This means there is still a chance that the market could easily be swayed in either direction.
Less FUD in the market may trigger higher demand for ETH. However, the appositive will be true if the market remains fearful, possibly paving the way for more capitulation in the coming days.
Read Ethereum’s [ETH] Price Prediction 2024-25
The Fear and Greed Index indicated a slight recovery from extreme fear in the last 48 hours.
If this recovery continues, then ETH bulls might finally get a chance to push beyond current resistance and possibly towards 3,000 within the week.
- ETH bulls have been attempting to push for a recovery rally but have been facing resistance near the $2700 price level.
- As a result, investors are starting to falter, adding to the risk of capitulation.
It has been a week since Ethereum [ETH] embarked on a journey to recovery after crashing earlier this month. This allowed the market ample time to test the waters, and evaluate momentum and demand.
So far, the cryptocurrency has struggled to push well beyond $2,700, signaling weak demand above this price level.
Will ETH capitulate to lower prices?
ETH had a press time price of $2,649, down by 2.61% in the last 24 hours. This outcome further supported the observed lack of demand, underpinned by market uncertainty.
Source: TradingView
The RSI stayed below its 50% level, further confirming weak bullish momentum. This was further supported by reports earlier in the day, indicating that some institutions have been now offloading some of their ETH.
For example, private venture capital firm BlockTower reportedly sold 9,232 ETH worth approximately $24.8 million in the last few hours.
While these findings may suggest that the market is still on the edge and indecisive, some offers some confidence.
For example, the percentage of ETH in smart contracts has been rising and, at press time, was approaching 40%.
Source: Glassnode
The chart indicated that DeFi utility had been gaining traction, which should bode well for ETH’s demand.
In other words, organic demand has been growing, but ETH’s suppressed price action appeared to be as a reflection of market sentiment rather than on-chain performance.
The impact of market sentiment was evident in ETH exchange flow data. The cryptocurrency’s exchange netflows have for the most part been negative since the peak of the dip.
This meant it had maintained slightly higher outflows than inflows.
Source: CryptoQuant
Despite the observation, the exchange flows remain low, hence coinciding with the state of uncertainty in the market. This means there is still a chance that the market could easily be swayed in either direction.
Less FUD in the market may trigger higher demand for ETH. However, the appositive will be true if the market remains fearful, possibly paving the way for more capitulation in the coming days.
Read Ethereum’s [ETH] Price Prediction 2024-25
The Fear and Greed Index indicated a slight recovery from extreme fear in the last 48 hours.
If this recovery continues, then ETH bulls might finally get a chance to push beyond current resistance and possibly towards 3,000 within the week.
where to buy clomiphene tablets clomid medication cost how to get generic clomiphene price can i buy clomid cheapest clomiphene pills where can i get clomid cost of generic clomid online
This is the description of topic I enjoy reading.
More posts like this would persuade the online space more useful.
order zithromax 500mg sale – order ciplox 500mg generic metronidazole 400mg price
semaglutide pill – cyproheptadine 4mg sale cyproheptadine us
domperidone tablet – domperidone online purchase cyclobenzaprine for sale
inderal 20mg canada – order methotrexate 2.5mg pill cost methotrexate
augmentin 625mg ca – https://atbioinfo.com/ buy generic acillin
nexium 40mg generic – https://anexamate.com/ buy generic nexium
buy medex online – cou mamide cozaar for sale
order prednisone 10mg sale – corticosteroid deltasone 10mg us
natural ed pills – erection pills online buy erectile dysfunction drugs
purchase amoxil – https://combamoxi.com/ buy generic amoxil online
buy forcan generic – on this site order diflucan 100mg without prescription
buy cenforce generic – https://cenforcers.com/ cenforce price
what happens if a woman takes cialis – cialis drug tadalafil 5mg once a day
buy ranitidine no prescription – ranitidine 300mg pill order ranitidine 300mg online
cialis professional ingredients – https://strongtadafl.com/# cialis mexico
This is a topic which is forthcoming to my heart… Diverse thanks! Unerringly where can I upon the connection details due to the fact that questions? https://gnolvade.com/
sildenafil 100 mg pill identifier – on this site viagra men sale
More posts like this would make the blogosphere more useful. https://buyfastonl.com/azithromycin.html
Greetings! Very useful recommendation within this article! It’s the crumb changes which liking make the largest changes. Thanks a a quantity for sharing! https://ursxdol.com/cenforce-100-200-mg-ed/
More posts like this would add up to the online time more useful. https://prohnrg.com/product/get-allopurinol-pills/
The thoroughness in this draft is noteworthy. https://aranitidine.com/fr/viagra-professional-100-mg/
The reconditeness in this serving is exceptional.
buy meloxicam online
buy forxiga 10mg generic – on this site forxiga 10mg pills
orlistat online – https://asacostat.com/ xenical 60mg without prescription