Ethereum's ETH is stuck in a critical zone after struggling to maintain above $2700, but FUD and selloffs risk capitulation.
ETH is currently stuck in a zone of low demand underpinned by uncertainty. Will prices pivot in favor of bears?ETH bulls have been attempting to push for a recovery rally but have been facing resistance near the $2700 price level.embarked on a journey to recovery after crashing earlier this month. This allowed the market ample time to test the waters, and evaluate momentum and demand.ETH had a press time price of $2,649, down by 2.61% in the last 24 hours.
In other words, organic demand has been growing, but ETH’s suppressed price action appeared to be as a reflection of market sentiment rather than on-chain performance. The impact of market sentiment was evident in ETH exchange flow data. The cryptocurrency’s exchange netflows have for the most part been negative since the peak of the dip.Despite the observation, the exchange flows remain low, hence coinciding with the state of uncertainty in the market. This means there is still a chance that the market could easily be swayed in either direction.
Less FUD in the market may trigger higher demand for ETH. However, the appositive will be true if the market remains fearful, possibly paving the way for more capitulation in the coming days.If this recovery continues, then ETH bulls might finally get a chance to push beyond current resistance and possibly towards 3,000 within the week.Michael is a full-time journalist at AMBCrypto.
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 ETFs attract record inflows: But will ETH’s price hold up?Ethereum ETFs have gained a lot of interest from one of the top institutional investors, BlackRock, over the past months.
Read more »
Ethereum price prediction: How soon can ETH cross $2.9K again?Ethereum has gained close to 30% from the recent lows at $2.1k, but it has not been driven by high spot market demand.
Read more »
Ethereum: Should you follow ETH whales as exchange balances hit a new low?Ethereum exchange has hit a record low of 12 million ETH, signaling a likely supply shock if the trend persists.
Read more »
Ethereum: Odds of ETH hitting a new ATH in Q4 are…Ethereum has been accumulating since its peak and recently broke out of an upward pattern, testing previous high and confirming the uptrend.
Read more »
No rest for Ethereum as PlusToken scam resurfaces: $2B ETH on the moveETH faces sell-off fears after $2b in Ethereum transfer. PlusToken ponzi scheme linked wallets have moved after 3 years
Read more »
Ethereum: Why ETH’s drop below $2.9K shouldn’t worry youEthereum noted a bearish market structure on the daily chart, and the momentum and OBV signaled further losses were likely.
Read more »