Ethereum Price Drops 5% in 24 Hours Amid High Selling Pressure
Ethereum: What Does the Recent Correction Mean for the Price Forecast?
Ethereum [ETH] has recently undergone a price correction, typical for the entire crypto market. Before this event, a key ETH indicator pointed to a similar outcome. Not only that, it was also reported that some top players in the crypto space have lost some confidence in ETH, as they have started to sell their holdings.
Ethereum’s Price Drops
After a comfortable rally, the price of the queen of altcoins recorded a short-term decline. According to CoinMarketCap, ETH dropped by almost 5% in the last 24 hours alone. At the time of writing, ETH was trading at a price of $2,239.24, with a market capitalization of over $269 billion. Unfortunately, ETH’s trading volume increased as the price fell, which is generally perceived as a bearish signal.
A Bearish Indicator for Ethereum
A popular crypto analyst pointed out another bearish indicator for Ethereum. According to the analyst, the TD Sequential on Ethereum’s 3-day chart gave a sell signal. The TD Sequential is a tool developed to identify the exact timing of trend exhaustion and price reversal. The analyst mentioned that, if this signal is confirmed, it could represent a prime buying opportunity, with ETH potentially retreating to $2,150. Given the current price trend, the possibility of ETH falling to $2,150 seems high.
What to Expect from ETH
To better understand what the future of ETH might look like, AMBCrypto reviewed the token’s on-chain metrics. Our analysis revealed that the selling pressure on the token was high, as its exchange reserve increased, as CryptoQuant data shows. In addition, both the Korea Premium and the Funds Premium of ETH were red, which means that Korean investors and institutional investors have sold their holdings.
Whales are also Selling ETH
Not only small investors but also whales are selling ETH. More specifically, a whale recently made a significant deposit of 3,700 ETH (equivalent to $8.72 million) on Binance. It is interesting to note here that, while the token’s price fell sharply, its social volume also slightly declined. The negative sentiment around the token has also strongly increased, as the decline in its weighted sentiment shows.
Ethereum [ETH] Price Forecast 2023-24
AMBCrypto looked at ETH’s daily chart to assess the likelihood of a further price drop of the token. Ethereum’s MACD points to the possibility of a bearish crossover, which could push the token’s price short-term to the $2,150 mark. In contrast, the Chaikin Money Flow (CMF) recorded an uptrend – a bullish sign.
Conclusion
Ethereum’s recent correction and the associated price movements are a clear sign that the crypto market is in a volatile phase. It is therefore important to carefully watch market trends and make informed investment decisions.
Sources: CoinMarketCap, CryptoQuant, TradingView, AMBCrypto.
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