Ethereum's price action suggests a bearish trend with lower highs and lower lows. On-chain metrics reinforce this sentiment, indicating a potential move towards $2,850. The RSI reading below 50 and the OBV hovering around a support level further support this prediction.
Ethereum ’s daily RSI concurred with the bearish structure with a reading below 50. What does this mean for ETH?In an informal poll, 97% of 335 voters holding 51,198 ETH supported Danny Ryan, a former researcher, to lead the Ethereum Foundation.
Analysis of long-term on-chain metrics showed that long-term holders were confident in ETH, with only moderate profit-taking seen from theSource: ETH/USDT on TradingView In June and July of 2024, the $3.4k-$3.5k acted as a support zone for ETH before it was flipped to resistance. The rally in November saw this area tested and a pullback ensue.A rally beyond $3.5k in January was quickly reversed, and the price action has formed lower highs and lower lows since then.
The quick gains on the 30th and 31st of January saw short-term gains across the altcoin market, but they were short-lived. The daily RSI concurred with the bearish structure, with a reading below 50. Also, the OBV was hovering around a support level from November and December.The 3-month liquidation heatmap showed that a move to $2,850 was highly likely. To the north, there were liquidity pockets at $3,460 and $3,800, and a sizable cluster at $4.2k.The magnetic zone at and below $3k suggested that a move downward was the most likely outcome in the coming days.
ETHEREUM PRICE PREDICTION CRYPTO MARKET ON-CHAIN METRICS RSI
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