Close Menu
Crypto Recaps
    What's Hot

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025
    Facebook X (Twitter) Instagram
    Crypto Recaps
    • Predictions
    • Cryptocurrency
    • Stock Markets
    • Commodities
    • US News
    • US Economy
    • World
    • Videos
    Crypto Recaps
    Home»Cryptocurrency»Ethereum – Up by 3% after 12% drop, what next for ETH’s price?
    Cryptocurrency

    Ethereum – Up by 3% after 12% drop, what next for ETH’s price?

    6 July 20243 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    ETH’s price finally gained some momentum, but will it last?

    • While ETH’s price dropped, whales deposited tokens worth millions of dollars
    • Few metrics and indicators suggested that ETH was undervalued

    As the crypto market witnessed a crash last week, the king of altcoins, Ethereum [ETH], also fell victim to a massive price correction. Because of the price decline, many might have lost confidence in the token. However, the trend changed over the last few hours as ETH’s daily chart soon turned green.

    Ethereum’s high volatility

    CoinMarketCap’s data revealed that ETH’s price had dropped by more than 12% in just seven days. AMBCrypto’s assessment of IntoTheBlock’s data also revealed that ETH’s average balance dropped, which can be attributed to the token’s double-digit price decline.

    Source: IntoTheBlock

    In the meantime, Lookonchain posted a tweet sharing an interesting development. According to the same, several whales started to sell ETH as its value fell. To be precise, three Ethereum whales deposited 28,558 ETH, worth over $82.2 million, to Binance. Soon after though, ETH’s price registered a trend reversal on the charts.

     

    In fact, the altcoin’s price has appreciated by nearly 3% in the last 24 hours alone. At the time of writing, ETH was trading at $2,967.81 with a market capitalization of over $356 billion.

    However, despite the rise in price, its trading volume dropped by double digits. This suggested that ETH might not sustain its bullish momentum for long.

    Will ETH’s bull rally last?

    Like the trading volume, a few other metrics also looked pretty bearish.

    For instance, though ETH recorded a price hike, selling pressure on the token continued to remain high. This was evidenced by looking at CryptoQuant’s data, with the same highlighting a rise in ETH’s exchange reserves. Simply put, several investors chose to sell.

    ETH's exchange reserve was rising

    Source: CryptoQuant

    Nonetheless, other metrics supported the possibility of a sustained uptrend as well.

    For example – ETH’s funding rate has been rising, meaning that long-position traders have been dominant and may be willing to pay short-position traders. Its Relative Strength Index (RSI), as per CryptoQuant, was in the oversold zone too. This might help increase buying pressure in the coming days, which might in turn result in a price hike on the charts.

    On top of that, AMBCrypto’s analysis of Glassnode’s data revealed that EThereum’s NVT ratio dropped sharply. A fall in this metric means that an asset is undervalued, which is generally followed by price hikes.

    ETH's NVT ratio dropped

    Source: Glassnode

    We then planned to have a look at ETH’s daily chart to better understand what to expect. We found that ETH’s price touched the lower limit of the Bollinger Bands – Underlining the chances of a rebound.

    Additionally, its Money Flow Index (MFI) was also about to enter the oversold zone.

    However, the Chaikin Money Flow (CMF) looked bearish, as at press time it had a value of -0.09.

    Source: TradingView

    Source

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Bitcoin Price Loses $10K in 2 Days After Dropping Below $92K: Where Is the Bottom?

    9 January 2025

    US regulator warned banks on crypto but did not order halt to business

    4 January 2025

    Bitcoin targets $120K in January amid record Binance stablecoin reserves

    31 December 2024

    BTC Price Dumps to Monthly Lows as Weird MicroStrategy Trend Extends

    31 December 2024
    Add A Comment
    Leave A Reply Cancel Reply

    Recent Posts

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025

    The Next Amazon (AWS)? How Crypto Will DISRUPT Data Storage | Autonomi

    14 January 2025

    Solana’s #1 AI Crypto Play For 2025 (GRASS Is Scaling Web 3)

    14 January 2025

    XRP HOLDERS THIS IS HUGE! (MOVING FAST)

    14 January 2025

    TRUMP MEETING WITH SAYLOR IN 72 HOURS! (DAY ONE CHANGES WILL SHAKE CRYPTO!)

    14 January 2025

    2024 © CryptoRecaps. All Rights Reserved.

    Crypto Recaps is not liable for any financial losses incurred while trading. Investors should do their due diligence before making any high-risk investments in Bitcoin, Cryptocurrency, Stocks or Digital Assets

    Facebook X (Twitter) YouTube
    Top Insights

    THE NEXT MAJOR BITCOIN & ALTCOIN MOVE HAPPENS IN THE NEXT 48 HOURS!

    14 January 2025

    Facebook To BUY BITCOIN? (Shareholders Ultimatum)

    14 January 2025

    Virtuals Protocol: AI Moonshot or Overhyped? Predictions For 2025!!

    14 January 2025

    Type above and press Enter to search. Press Esc to cancel.