The RSI has been below neutral 50 on the daily chart since mid-July and signaled a downtrend in progress- can the Ethereum bulls reverse this trend?
The bearish structure would likely see ETH fall to $1500The 1-day price chart above showcased Ethereum forming a series of lower highs and lower lows since early August. This characterized a downtrend. The Fibonacci retracement levels from mid-March showed that the $1533 level was the 78.6% retracement level.
The RSI has been below neutral 50 on the daily chart since mid-July and signaled a downtrend in progress. The OBV has also shown no intent of breaking its downtrend from June, which meant buying pressure remained weak. The mean coin age took a large hit on 11 September as holders exited the market in large numbers. It had been in an uptrend since June and resumed its upward trajectory over the past two weeks.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum, Solana reap TVL gains, but there’s more to the storyEthereum leads the TVL charge, adding $2.46 billion in capital to its holdings over the week, marking a 5.25% increase.
Read more »
What’s behind Ethereum’s wilting transaction fees?As user activity on Ethereum dawdles, the average transaction fee on the chain has plummeted to its lowest level this year.
Read more »
What ChatGPT says about Ethereum Classic as 2023 draws to a closeChatGPT predicts Ethereum Classic will reach the price range of $50-$100 towards the end of 2023. But its on-chain metrics don't concur.
Read more »
ChatGPT forecasts Ethereum will be worth $10K by December 2023I asked ChatGPT about the price prediction of Ethereum in 2023. The AI bot predicts ETH to hit $10K by then.
Read more »
Chainlink surges 15% in a week as Bitcoin and Ethereum lag behindWhile Bitcoin and Ethereum remain in a tight range, Chainlink bucks the trend to climb by 15% in the last week.
Read more »
What to expect as Ethereum’s perpetual futures plummetEthereum's perpetual futures market faces a liquidity crunch, potentially leading to volatile spreads, higher slippage, and susceptibility to manipulation. Current trends and funding rates add intrigue.
Read more »