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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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Home Ethereum

Ethereum’s promised upgrades could aid price recovery, but until then…

October 19, 2024
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Ethereum’s promised upgrades could aid price recovery, but until then…
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  • Ethereum has faced rejection from the $2.7k resistance zone since August
  • The climbing leverage ratio metric highlighted why a breakout might be unlikely

Ethereum [ETH], at press time, was trading within a range that reached from $2.8k to $2.2k. In particular, the $2.8k region has served as a steady supply zone since early August. It also has confluence with the 50% Fibonacci retracement level.

Examining the worrying price trends

The ETH/BTC chart has been trending south for just over 18 months. While Bitcoin [BTC] is trading 8% below its ATH, Ethereum is 46.3% away from its ATH. The altcoin’s performance must be looked at within the context of Vitalik Buterin’s vision for the next possible upgrade, “The Surge.” Especially some of its goals regarding transactions per second and maximizing interoperability between L2s.

Ethereum 1-day Chart

Source: ETH/USDT on TradingView

The performance of an asset is a clear insight into what the market believes the asset’s value is, and what it can be. Sometimes, hype and misinformation can skew these beliefs, leading to overvalued or undervalued assets.

The performance of Ethereum can be partly explained by inflationary concerns since the Dencun upgrade, but it is just a small part of the puzzle. The proposed improvements for the Proof of Stake system and the upgrades considered for the network at large could, when implemented, address network revenue, user growth, adoption, and other issues.

In turn, this could drive demand. As things stand, a rocky ride could be ahead for ETH on the price charts.

Clues from the derivatives market

Ethereum Estimated Lev Ratio

Source: CryptoQuant

The estimated leverage ratio (ELR) is calculated by dividing the Open Interest by the exchange’s coin reserves. Coinglass data also revealed that Open Interest has risen from $10 billion to $13 billion for ETH since the second week of August.

See also  Ripple’s Ongoing Battle Leaves XRP at Fear Zone- Will XRP Price Rebound?

This helped explain the rising ELR. However, with the price trading beneath a key resistance, it can be interpreted as a warning sign for traders.

Ethereum Liquidation Heatmap

Source: Coinglass

The liquidation heatmap with a 1-month lookback period noted that the $2,730 zone is cluttered with liquidation levels. The 3-month chart showed that the $2,730-$2,850 area is important.

Together with the price action, we can see that a bearish reversal from these levels is a likelihood that traders must be prepared for.


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


Overall, the lack of organic demand and L2s capturing more participants and transaction activity remains a problem for the mainnet and its investors. Technical analysis gave clues that ETH bulls might lack the strength to drive the crypto’s price beyond $2.9k too.

Previous: Will FLOKI’s price stall or fly? Here’s what the answer depends on!
Next: PEPE – Is a ‘buy the dip’ opportunity on the cards for the memecoin?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

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

  • Ethereum has faced rejection from the $2.7k resistance zone since August
  • The climbing leverage ratio metric highlighted why a breakout might be unlikely

Ethereum [ETH], at press time, was trading within a range that reached from $2.8k to $2.2k. In particular, the $2.8k region has served as a steady supply zone since early August. It also has confluence with the 50% Fibonacci retracement level.

Examining the worrying price trends

The ETH/BTC chart has been trending south for just over 18 months. While Bitcoin [BTC] is trading 8% below its ATH, Ethereum is 46.3% away from its ATH. The altcoin’s performance must be looked at within the context of Vitalik Buterin’s vision for the next possible upgrade, “The Surge.” Especially some of its goals regarding transactions per second and maximizing interoperability between L2s.

Ethereum 1-day Chart

Source: ETH/USDT on TradingView

The performance of an asset is a clear insight into what the market believes the asset’s value is, and what it can be. Sometimes, hype and misinformation can skew these beliefs, leading to overvalued or undervalued assets.

See also  Ethereum Bearish Falling Wedge Pattern Appears, How Low Can Price Go?

The performance of Ethereum can be partly explained by inflationary concerns since the Dencun upgrade, but it is just a small part of the puzzle. The proposed improvements for the Proof of Stake system and the upgrades considered for the network at large could, when implemented, address network revenue, user growth, adoption, and other issues.

In turn, this could drive demand. As things stand, a rocky ride could be ahead for ETH on the price charts.

Clues from the derivatives market

Ethereum Estimated Lev Ratio

Source: CryptoQuant

The estimated leverage ratio (ELR) is calculated by dividing the Open Interest by the exchange’s coin reserves. Coinglass data also revealed that Open Interest has risen from $10 billion to $13 billion for ETH since the second week of August.

This helped explain the rising ELR. However, with the price trading beneath a key resistance, it can be interpreted as a warning sign for traders.

Ethereum Liquidation Heatmap

Source: Coinglass

The liquidation heatmap with a 1-month lookback period noted that the $2,730 zone is cluttered with liquidation levels. The 3-month chart showed that the $2,730-$2,850 area is important.

Together with the price action, we can see that a bearish reversal from these levels is a likelihood that traders must be prepared for.


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


Overall, the lack of organic demand and L2s capturing more participants and transaction activity remains a problem for the mainnet and its investors. Technical analysis gave clues that ETH bulls might lack the strength to drive the crypto’s price beyond $2.9k too.

Previous: Will FLOKI’s price stall or fly? Here’s what the answer depends on!
Next: PEPE – Is a ‘buy the dip’ opportunity on the cards for the memecoin?
Tags: aidEthereumsPricepromisedrecoverythen..upgrades

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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
Ethereum crosses $3.2K as L2 crosses new milestone: What now?

Ethereum crosses $3.2K as L2 crosses new milestone: What now?

May 6, 2024

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EDITOR'S PICK

Malaysian Authorities Are Destroying Bitcoin Mining Rigs, Here’s Why (Report)

Malaysian Authorities Are Destroying Bitcoin Mining Rigs, Here’s Why (Report)

August 24, 2024
Ethereum crosses a key price level – Is a new rally in the works?

What Ethereum’s prediction holds as price drops

December 19, 2023
Bitcoin to $65,000? BTC’s 8-month low will mean nothing ONLY IF…

Bitcoin to $65,000? BTC’s 8-month low will mean nothing ONLY IF…

July 13, 2024
‘This is the last Bitcoin halving that matters’ – Exec

‘This is the last Bitcoin halving that matters’ – Exec

September 28, 2024

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