Ethereum’s price is teetering on the edge of a possible daily death cross formation, as the 50-day Moving Average (MA) threatens to cross below the 200-day MA. This potential bearish signal looms large if the recent bullish momentum fails to be sustained in the upcoming weeks.
Despite an impressive breakout earlier in the week, fueled by Grayscale Investments’ victory over the SEC regarding the Bitcoin ETF application, Ethereum’s price saw a 2 percent dip in Wednesday’s close. Consequently, the past 24 hours have been brutal for many Ethereum leverage traders, with over $4.2 million liquidated.
Market intelligence platform Santiment’s analysis suggests that the odds of Ethereum’s price staging a rebound in the near future have significantly risen, largely due to heightened trader frustrations. Santiment’s research highlights a historical pattern where prices tend to bounce back following periods of wallet disposals at lower values. Notably, the Ethereum network has recorded a notable ratio of transactions to exchanges, indicating that coins were sent to exchanges at prices lower than their acquisition cost.
Santiment had previously indicated that prominent Ethereum whales and sharks had been shedding their holdings, particularly after the Shanghai upgrade facilitated withdrawals of staked Ethers from the Beacon chain.
Taking a technical perspective, Ethereum’s price confronts mounting bearish pressure as attempts by bulls to breach the resistance/support level spanning $2,000 to $2,122 have faltered. As a result, crypto analysts are entertaining the possibility of Ethereum’s price descending toward the $1,500 range. This level is anticipated to serve as a significant support zone for the leading smart contract platform.
Ethereum’s price trajectory hangs in the balance, with the potential for a daily death cross on the horizon. Amidst the market’s fluctuations, on-chain data from Santiment paints a picture of renewed optimism for a price rebound. However, the technical landscape suggests a potential downward movement towards a crucial support level. Traders and investors remain on edge as they closely monitor Ethereum’s next moves.
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