- Trading at a support level defined by the Fibonacci retracement line at press time, ETH is likely to breach this level soon.
- Positive netflows and an increase in active addresses suggest strong investor activity, despite the short-term bearish pressure.
In the past month, Ethereum [ETH] has rallied by 18.56%, underscoring bullish momentum. However, a 3.63% decline has begun, and this dip is expected to deepen briefly before ETH finds support.
Market sentiment and technical indicators still favor a potential rally once this consolidation phase concludes, keeping the long-term outlook bullish.
Slight decline could propel ETH to new highs
At the time of writing, ETH was trending downward, briefly touching a Fibonacci retracement line that currently acts as support.
The Fibonacci retracement tool, widely used to identify support and resistance levels, marks this support at $3,028.87. However, this level is expected to provide only temporary relief from further price declines.
If ETH breaks below this level, the next target is a minor drop to $2,900.87, representing a 50% retracement from its overall rally. This level is significant, as it has acted as a catalyst for ETH’s recovery on four prior occasions, including two major rallies.
Source Trading View
Should this support hold again, ETH’s bullish momentum could reignite, with a potential push toward a target of $3,971.02.
Key metrics point to selling pressure
ETH is in for a potential price drop as multiple key metrics converge, indicating increased selling activity. At the current support level of $3,028.87, downward pressure appears imminent.
A significant driver is the positive exchange netflow, with over 32,600 ETH recently moved to exchanges, likely for liquidation. This influx typically signals heightened selling pressure, limiting the asset’s ability to rally further.
Source: Cryptoquant
Another critical factor is the sharp rise in active addresses. Historically, when spikes in activity aligns with price declines, it suggest that the majority of these addresses are engaged in selling rather than buying.
Source: Cryptoquant
These combined metrics suggest that ETH is likely to break below its current support, which would trigger a short-term decline in price.
Ethereum decline expected to be temporary
Recent data from the Exchange Reserve indicates that ETH’s price drop is driven by an increase in circulating supply on exchanges, which typically contributes to selling pressure.
Read Ethereum’s [ETH] Price Prediction 2024–2025
However, while a decline appears inevitable, it is likely to be short-lived. The daily and weekly increases in the Exchange Reserve have been minimal, at 0.03% and 0.32%, respectively.
Source: Cryptoquant
If this trend persists, the $2,900.87 support level is expected to act as a key point of attraction, serving as both a target for the current decline and a potential launchpad for the next rally.
- Trading at a support level defined by the Fibonacci retracement line at press time, ETH is likely to breach this level soon.
- Positive netflows and an increase in active addresses suggest strong investor activity, despite the short-term bearish pressure.
In the past month, Ethereum [ETH] has rallied by 18.56%, underscoring bullish momentum. However, a 3.63% decline has begun, and this dip is expected to deepen briefly before ETH finds support.
Market sentiment and technical indicators still favor a potential rally once this consolidation phase concludes, keeping the long-term outlook bullish.
Slight decline could propel ETH to new highs
At the time of writing, ETH was trending downward, briefly touching a Fibonacci retracement line that currently acts as support.
The Fibonacci retracement tool, widely used to identify support and resistance levels, marks this support at $3,028.87. However, this level is expected to provide only temporary relief from further price declines.
If ETH breaks below this level, the next target is a minor drop to $2,900.87, representing a 50% retracement from its overall rally. This level is significant, as it has acted as a catalyst for ETH’s recovery on four prior occasions, including two major rallies.
Source Trading View
Should this support hold again, ETH’s bullish momentum could reignite, with a potential push toward a target of $3,971.02.
Key metrics point to selling pressure
ETH is in for a potential price drop as multiple key metrics converge, indicating increased selling activity. At the current support level of $3,028.87, downward pressure appears imminent.
A significant driver is the positive exchange netflow, with over 32,600 ETH recently moved to exchanges, likely for liquidation. This influx typically signals heightened selling pressure, limiting the asset’s ability to rally further.
Source: Cryptoquant
Another critical factor is the sharp rise in active addresses. Historically, when spikes in activity aligns with price declines, it suggest that the majority of these addresses are engaged in selling rather than buying.
Source: Cryptoquant
These combined metrics suggest that ETH is likely to break below its current support, which would trigger a short-term decline in price.
Ethereum decline expected to be temporary
Recent data from the Exchange Reserve indicates that ETH’s price drop is driven by an increase in circulating supply on exchanges, which typically contributes to selling pressure.
Read Ethereum’s [ETH] Price Prediction 2024–2025
However, while a decline appears inevitable, it is likely to be short-lived. The daily and weekly increases in the Exchange Reserve have been minimal, at 0.03% and 0.32%, respectively.
Source: Cryptoquant
If this trend persists, the $2,900.87 support level is expected to act as a key point of attraction, serving as both a target for the current decline and a potential launchpad for the next rally.
clomiphene 50mg for sale clomid prescription cost buy clomiphene tablets can i get cheap clomid without prescription clomid cost cost clomiphene without a prescription can i buy clomid without prescription
With thanks. Loads of expertise!
More posts like this would make the blogosphere more useful.
order azithromycin sale – cost ofloxacin 400mg order metronidazole generic
brand semaglutide 14 mg – rybelsus price buy periactin pill
motilium pills – buy sumycin purchase flexeril sale
inderal 10mg generic – buy methotrexate 10mg pill buy methotrexate 2.5mg generic
order amoxicillin for sale – cheap amoxicillin without prescription purchase combivent online
zithromax 500mg tablet – nebivolol 5mg oral nebivolol over the counter
buy clavulanate tablets – https://atbioinfo.com/ where to buy ampicillin without a prescription
esomeprazole sale – anexa mate buy esomeprazole without a prescription
medex price – https://coumamide.com/ cheap losartan 25mg
buy mobic cheap – tenderness meloxicam 15mg ca
buy prednisone 5mg generic – apreplson.com deltasone 10mg ca
generic ed drugs – https://fastedtotake.com/ hims ed pills
cheap amoxicillin tablets – buy amoxil cheap amoxicillin sale
where can i buy forcan – on this site buy fluconazole cheap
buy cenforce without a prescription – https://cenforcers.com/ cenforce for sale online
cialis for ed – tadalafil 20mg canada cialis 5mg 10mg no prescription
canadian pharmacy cialis – https://strongtadafl.com/ what is cialis taken for
sildenafil 50mg – https://strongvpls.com/# buy viagra cheap online uk
Thanks for sharing. It’s outstrip quality. este sitio
The depth in this ruined is exceptional. cheap neurontin generic
With thanks. Loads of expertise! https://ursxdol.com/get-metformin-pills/
This is the gentle of literature I truly appreciate. https://aranitidine.com/fr/lasix_en_ligne_achat/
The vividness in this piece is exceptional. https://ondactone.com/simvastatin/
More posts like this would bring about the blogosphere more useful.
buy toradol paypal
With thanks. Loads of knowledge! https://www.forum-joyingauto.com/member.php?action=profile&uid=47847
buy forxiga 10mg generic – dapagliflozin canada buy dapagliflozin 10mg sale