The lack of an uptrend on the OBV suggested that ETH was not in a short-term accumulation phase of late and that means...
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.Traders can keep an eye on the range extremes and flip bullish only if the high turned into a support zonetraded within a range over the past two weeks. The on-chain metrics showed investors HODLing and staking ETH, which was a bullish sign for long-term buyers. And yet, in the short term, the volatility and trading volume have taken a hit.
This signalled bears had strength. Yet, it also showed that many short positions could have set their stop-loss order in the $1880 region. More conservative orders could also be set above the range highs at $1890. Therefore, an ETH move to these areas in search of liquidity has a high probability. Such a move would also convince people that the sentiment is firmly bullish, collecting even more liquidity from buyers. A reversal afterwards could be sudden, and panicked sellers would accelerate the fall in prices.
This is one possible scenario. The OBV highlighted a lack of buying pressure over the past week. The RSI noted neutral momentum as the price stalled around the mid-range mark.Based on the price action of the past week, the market structure seemed bearish. Open Interest also highlighted bearish sentiment as bullish speculators continued to straddle the fence. To contrast this, the spot CVD formed a low on 11 August and has climbed slightly higher since.
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