While its price lingers within a narrow range, ETH's exchange outflows have grown in the last week. This has led to a reduction in the amount of the coin's supply available for sell-offs on exchanges.
futures markets, ETH has traded between $1600 and $1700 in a narrow price range. At press time, ETH exchanged hands at $1,635.Due to its statistically significant positive correlation with the king coin, the deleveraging event foisted a bearish condition on ETH as the bears regained control on 17 August and have since put downward pressure on the alt’s price.
On a D1 chart, ETH’s Moving average convergence/divergence indicator showed that the MACD line crossed below the trend line soon after the capital exit from the BTC market, as many sold off their ETH holdings in fear of a ripple effect. At press time, the bears remained in control of the market amongst ETH daily traders. According to the coin’s Directional Movement Index, the positive directional index at 14.03 was positioned below the negative directional index at 34.44. This suggested that the sellers’ strength was solidly above the buyers.
Likewise, the Average Directional Index above 25 at 42.95 indicated a strong downward market trend. ETH’s price might dwindle or remain stagnant without a change in sentiment.
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