Ethereum [ETH] prices managed to climb above the $2,500 mark, but the overall downtrend that has persisted for the past two months was still exerting its influence. The key levels to keep an eye on were identified as $1,949 and $2,496, as indicated by the longer timeframes.
CryptoQuant analyst Burak Kesmeci highlighted in a recent post on X that a weekly close above $2,496 would be a positive development for ETH bulls. The chart displayed above illustrated the levels based on Ethereum’s downtrend from $4,807 to $1,067, which commenced in November 2021.
While the TD Sequential indicator flashed a buy signal for ETH, other metrics for Ethereum painted a more mixed picture. For instance, the historical in/out of the money data for 2024 hit its lowest point on September 16th, with only 59.4% of all wallets being in the money at that time. However, this figure had increased to 64.4% by September 20th, marking the lowest percentage of addresses in profit for the year. This lackluster performance was exemplified by the fact that less than two weeks ago, ETH was trading at $2.3k, only slightly higher than its starting price for the year.
Additionally, the netflow metric revealed that $439 million worth of Ethereum had flowed out of exchanges in the past 24 hours. While the 7-day and 30-day changes were less drastic, showing the oscillatory nature of netflows, accumulation seemed to be progressing slowly. Investors were hoping for a surge in demand in the final quarter of 2024.
Gauging momentum and ETH holder sentiment, the 90-day MVRV stood at -8.45% on September 21st, indicating a significant loss for three-month holders. This suggested that rapid price gains for Ethereum could be challenging, as holders might be inclined to sell off their assets during a rally to break even. The Open Interest exhibited a steady increase over the past month, signaling heightened speculative activity. The 7-day RSI hovered at 46, indicating bearish momentum on a weekly basis but hinting at a potential shift towards a bullish outlook.
In conclusion, while Ethereum’s price trajectory remained uncertain, with various indicators pointing in different directions, the market was poised for potential volatility in the coming weeks. Investors and traders would need to stay vigilant and adapt to changing market conditions to navigate the evolving landscape of the cryptocurrency market. In today’s fast-paced world, it can be easy to get caught up in the hustle and bustle of everyday life. Between work, school, family, and social commitments, we often find ourselves feeling overwhelmed and stressed. It’s important to take a step back and prioritize self-care in order to maintain our physical, mental, and emotional well-being.
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