Notable developments in the crypto market continue to come to the fore. Accordingly Ethereum The price could benefit from a change in outlook as investors shift from selling to potentially buying. These indicators come from a decline in losses from an 11-month high less than two weeks ago. So what’s in store for Ethereum in the coming period? Let’s take a look together.
What’s Happening on the Ethereum Front?
Ethereum’s The price may bounce back from the lows of $ 2,500, which it is currently hovering around. The altcoin king, which is consolidating below $ 2,681, continues to look for an imminent breakout. The reason behind this may be the cessation of selling. When looking at the losses that Ethereum owners have experienced in the last three weeks, it can be seen as panic caused by the selling pressure experienced in July. This process leads to a sudden dump, causing sharp losses. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
However, this process has changed significantly in the last ten days, with the price recovering slightly and re-establishing hope for an increase. This could be a sign of an increase and Market Value/Realized Value (MVRV) rate feeds this signal further. If Ethereum owners start accumulating here, Ethereum’s price recovery may gain strength.
ETH Chart Analysis
Ethereum’s price, which is currently trading sideways between $2,681 and $2,546, is trading sideways at $2,577. This short-term consolidation has been holding Ethereum for the past two weeks. However, the factors mentioned above point to a possible breakout from this consolidation. This breach could send Ethereum towards the next resistance at $2,930, above which a rally could send Ethereum towards the $3,000 level.
A rise from this resistance, Ethereum could send its price to $3,300, which could signal a full recovery after the selling pressure experienced in July. However, if Ethereum’s price fails to break the $2,930 level, it could enter another consolidation above the $2,681 level. A prolonged sideways movement could invalidate the short-term bullish thesis. In particular, the decrease in the number of users and transactions in the ecosystem could cause selling pressure on Ethereum’s price.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
