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 varieties 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 the next timeframe assist zone, the place restoration may very well be initiated.

Ethereum [ETH] has trended downward on the decrease timeframe worth charts prior to now two weeks. Its current makes an attempt to reclaim the $1700 stage have been met with failure. The falling MVRV ratio steered the downtrend was more likely 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 each day to the 1-hour chart. ETH was inside the next 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 will possibly’t bounce quickly

Supply: ETH/USDT on TradingView

The value motion of the previous two weeks indicated a sturdy bearish sentiment. The collection of decrease highs and decrease lows have continued prior to now 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 a scarcity of volatility.

A transfer under $1620 and a retest of the $1620-$1650 area may supply a possibility to quick ETH. To the south, the $1520-$1550 area may 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 prior to now week. Ethereum noticed a bounce from $1580 and $1680 however has sunk to the $1640 stage as soon as extra. The OI has trended downward prior to now three days alongside the decline in worth to sign bearish sentiment was prevalent.

How a lot are 1, 10, or 100 ETH value right now?

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 steered extra merchants have been lengthy than quick. But, this doesn’t assure a bounce by itself.

Aggressive ETH bears can await a transfer under $1620 or a transfer to the liquidity pocket at $1700-$1720 and a rejection to enter quick positions.