Ethereum [ETH] investors were having a tough time as the bears continued to dominate the market and things can get worse
The NVT ratio indicated that Ethereum was overvalued.investors were having a tough time as the bears continued to dominate the market. In fact, the latest data suggested that it might take even longer for the bulls to regain control.Ethereum troublesome futurerevealed that Ethereum bears pushed the token’s price down by more than 10% in the last seven days. The bearish trend continued in the last 24 hours as ETH’s value dipped by 1.6%.
At the time of writing, Ethereum was trading at $2,486.34 with a market capitalization of over $299 billion., 76.8 million ETH addresses remained in profit, which accounted for 63% of the total ETH addresses.highlighting an interesting development. As per the tweet, the MVRV Momentum indicated that Ethereum was still in a downtrend.
The bad news was that there were no signs of a trend reversal. This clearly suggested that investors might witness the king of altcoins drop further in the coming days.Source: XAMBCrypto’s analysis of Glassnode’s data revealed that Ethereum’s NVT ratio registered a massive spike. Whenever the metric increases, it suggests that an asset is overvalued, hinting at a price correction.also revealed quite a few bearish metrics.
Apart from that, the total number of coins transferred has decreased by -37.28% compared to yesterday. Another bearish metric was the active addresses, as it dropped in the last 24 hours.Since the aforementioned datasets hinted at a continued price drop, AMBCrypto checked Ethereum’s daily chart to look for possible support zones. The technical indicator MACD displayed a bearish c crossover. Ethereum’s Chaikin Money Flow registered a downtick.
A slip under that support level could push ETH down to $1.86 in the coming days or weeks if the bulls don’t buckle up.
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