Despite many indicators showing the analysis carried out on-chain, it is thought that the Ethereum (ETH) price may face another fluctuation despite reaching $ 2,800 in the morning. As of writing time, the ETH price is reflected in the charts at $ 2,757. If Ethereum performs as expected, the price may reach its highest level since the successful launch of spot ETFs on July 23.
Ethereum Comments
Yesterday, before the Asian market opened, ETH was trading at $2,624. Following Fed Chair Jerome Powell’s statement on decreasing inflation and potential interest rate cuts, ETH saw increases similar to the rest of the market. The price increase in ETH brought the total gain to 6.93% in the last seven days. 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!
Messari Data provided by shows that Ethereum’s Adjusted Network Value to Transactions (NVT) ratio has fallen to -53.05. The NVT ratio reveals whether a network is growing faster than its transaction volume compared to its market cap. A high NVT ratio generally indicates that an asset is overvalued, indicating a potential price drop.
However, when looking at the status of Ethereum based on the data, the large drop in the rate may indicate that the value of the network is already low and that ETH itself is therefore falling behind expectations in terms of price. Accordingly, it can be thought that the cryptocurrency is close to the bottom and a remarkable price increase may be on the way in the future.
On the other hand, Ethereum On the other hand, it was reflected in the graphs that the exits from the exchange increased visibly. Looking at the data provided by Glassnode, the exchange’s net transfer volume showed a clear decrease of over 280,000 ETH on August 23.
The volume in question shows the difference between assets moving in the direction of the stock market and those withdrawn from the stock market. A positive value indicates that more coins are being transferred to the stock exchanges, which can be an indication of selling pressure.
For this reason, the recent withdrawal transactions worth around $800 million may indicate a buying pressure on the market specifically for ETH. The continued increase in the mentioned value may trigger a shortage in the market and may have a positive effect on the ETH price.
Will ETH Price Increase?
Daily ETH/USD Looking at the chart, it is thought that Ethereum’s failure to fall below the $ 2,536 support level had a major impact on the rise. If ETH had fallen below this level, the price could have fallen to $ 2,345 depending on the situation and the process could have deepened even further.
On the other hand, the Fibonacci retracement indicator, which reveals the basic support and resistance levels by taking into account historical price movements, is also available. important data If ETH rebounds above $2,829, the next potential target could be in the $3,265.60 region.
From market analysts Matthew Hyland He shared an X post and a video here, outlining his thoughts on ETH’s price action. Hyland explained that the cryptocurrency needs to close above $2,800 to return to the levels it had in July.
The analyst said:
If Ethereum can close the weekly close above $2,800, then it could see a major rally towards the $3,500 to $3,600 range.
However, it has been seen that the Ethereum Foundation has transferred thousands of ETH to exchanges, similar to the one that has caused great trouble in the past. As in the past, this transfer may also result in a sell-off. If a new transfer occurs, ETH may be affected more severely and the price may fall to $2,516 again.
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.
