Can Ethereum bulls break out of the past two weeks’ slump

Disclaimer: The knowledge offered doesn’t represent monetary, funding, buying and selling, or different sorts of recommendation and is solely the author’s opinion.

• The decrease timeframe worth motion confirmed the bears have been closely favored.
• Ethereum was buying and selling at a better timeframe assist zone, the place restoration may very well be initiated.

Ethereum [ETH] has trended downward on the decrease timeframe worth charts previously two weeks. Its latest makes an attempt to reclaim the $1700 degree have been met with failure. The falling MVRV ratio instructed the downtrend was prone to proceed.

Learn Ethereum’s [ETH] Value Prediction 2023-24

The value motion confirmed the construction was bearish throughout a number of timeframes from the day by day to the 1-hour chart. ETH was inside a better timeframe space of curiosity the place consumers would have an interest, nevertheless it hasn’t materialized but. Right here’s what the costs can do within the coming week.

There’s a robust likelihood Ethereum can descend to $1400 if it could actually’t bounce quickly

Supply: ETH/USDT on TradingView

The value motion of the previous two weeks indicated a strong bearish sentiment. The sequence of decrease highs and decrease lows have continued previously 4 days, though the momentum slowed down. The 1-day chart confirmed that the $1625-$1680 was a requirement zone, the place the earlier Ethereum rally reaching $2020 was initiated.

Therefore a bullish construction break on the H4 chart can be step one towards restoration. The RSI climbed towards impartial 50 to sign a shift in momentum. But the OBV didn’t ascend by a notable quantity. This highlighted weak demand and an absence of volatility.

A transfer beneath $1620 and a retest of the $1620-$1650 area might provide a chance to brief ETH. To the south, the $1520-$1550 area might function assist. One other demand zone decrease on the chart was at $1370-$1440.

Conviction was missing within the futures market and bears have the benefit

Supply: Coinalyze

The 1-hour chart from Coinalyze confirmed that the Open Curiosity didn’t fluctuate a lot previously week. Ethereum noticed a bounce from $1580 and $1680 however has sunk to the $1640 degree as soon as extra. The OI has trended downward previously three days alongside the decline in worth to sign bearish sentiment was prevalent.

How a lot are 1, 10, or 100 ETH price at this time?

The spot CVD had been in a downtrend until 23 August however has flattened its path since then. This confirmed that neither consumers nor sellers had the higher hand. The funding price was optimistic and instructed extra merchants have been lengthy than brief. But, this doesn’t assure a bounce by itself.

Aggressive ETH bears can anticipate a transfer beneath $1620 or a transfer to the liquidity pocket at $1700-$1720 and a rejection to enter brief positions.