Journalist
Posted:
- ETH was down by more than 3% in the last seven days.
- Market indicators and metrics remained bearish.
The price of Ethereum [ETH] has constantly plummeted, which might have sparked concerns among investors. However, as per the latest data, this price action might hold better things, as the token’s price might skyrocket soon.
Ethereum is still under bears’ pressure
According to CoinMarketCap, ETH’s price has fallen by more than 3% in the last seven days. Moreover, in just the last 24 hours, its value dropped by over 1%.
At the time of writing, it was trading at $2,170.21 with a market capitalization of over $260 billion.
The price drop also stirred up bearish sentiment around the token, as shown by its plummeting Weighted Sentiment. Nonetheless, it remained a topic of discussion in the crypto space, which was evident from the high Social Volume.
Source: Santiment
But in a spot of good news, Mags, a popular crypto trader and analyst, recently shared a chart suggesting that ETH’s price could break out in January 2024.
As per the tweet, ETH’s price was testing a long-term support level, which historically has always been followed by price upticks.
Every time #Ethereum has tested the long-term trendline support, it has triggered a massive bull rally.
Surprisingly, every re-test in the past has occurred in the month of January! If history repeats, we can expect a similar bounce in January 2024. pic.twitter.com/gnj0f0KpLQ
— Mags (@thescalpingpro) December 17, 2023
To put it into perspective, when the ETH/BTC price touched that support level for the first time in 2017, their prices skyrocketed. A similar trend was also seen in years like 2020 and 2021.
Investors might bear losses in the short-term
Though this looked good, things were not in Ethereum’s favor in the short term. AMBCrypto’s look at CryptoQuant’s data revealed that both US and Korean investors were not willing to buy ETH, reflecting bearish sentiment in the market.
Source: CryptoQuant
The king of cryptos’ MVRV ratio sank sharply over the last week, which is a typical bearish signal. Additionally, Futures investors continued to buy ETH, increasing the chances of a trend continuation.
However, whale confidence in ETH remained high as its supply held by top addresses rose last week.
Source: Santiment
AMBCrypto reported that in just the last week, whales scooped 100,000 ETH, which was worth more than $230 million at that time. Whales generally tend to accumulate coins at a lower price and sell them when they pump.
AMBCrypto’s look at ETH’s daily chart revealed that ETH’s price might sink further in the coming days.
Read Ethereum’s [ETH] Price Prediction 2023-24
Ethereum’s MACD displayed a bearish crossover. Both its Relative Strength Index (RSI) and Money Flow Index (MFI) registered downticks, suggesting a further southward price movement.
Considering all the aforementioned metrics and datasets, investors must remain patient to enjoy profits from Ethereum.
Source: TradingView
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