Ethereum’s [ETH] price had yet another fall, bringing it below $1,600 once more. Nonetheless, a trendline suggested that the price of the king of cryptocurrencies would increase in the next days, raising hopes for a fresh bull surge.
Notably, when the price of ETH/BTC tested the long-term trendline support zone, it reached a goal of 0.055. Investors might anticipate a surge in the value of ETH if the price stays above the line.
The price of Ethereum is near a breaking point.
On October 16, there was a pump, and then Ethereum’s price corrected. According to CoinMarketCap, the price of ETH has decreased by more than 2% in the previous 24 hours alone. With a market value of more than $186 billion, it was trading at $1,549.76 at the time of publication.
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The token hit a key threshold even as its price dropped, according to well-known cryptocurrency trader and analyst Mag.
The tweet indicated that the price of ETH/BTC was sitting atop a long-term support trendline. Investors may anticipate a spike in the value of ETH in the coming days if the price is able to stay above it.
Predicting if Ethereum will surpass $1600,Predicting if Ethereum will surpass $1600
As a result, a review of ETH’s metrics provided more insight into potential future developments. As stated by CryptoQuant,
In comparison to the 7-day average, ETH’s net deposits on exchanges are high, indicating strong selling pressure on the coin. The taker-buy-sell ratio demonstrated that, even in the derivatives market, the prevailing emotion was one of selling.
Santiment’s statistics, on the other hand, revealed a different picture: investors were gathering more tokens since Ethereum’s supply outside of exchanges reversed its supply on exchanges.
Are Ethereum genuinely being sold by investors?
The statistics from CryptoQuant also showed that although ETH’s exchange netflow increased, its Coinbase premium started to increase. This demonstrated that there was a fair amount of purchasing pressure from US investors on Coinbase. Additionally, ETH’s Social Volume stayed strong, demonstrating its appeal in the cryptocurrency market.
Its Weighted Sentiment did, however, decline, which was a warning indication.
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Based on its MACD, ETH’s market indicators likewise indicated that the bears were in control of the market. Both the Chaikin Money Flow (CMF) and the Relative Strength Index (RSI) showed declines and were well below the neutral threshold.
The recent increase in Ethereum’s Money Flow Index (MFI) gave investors much-needed encouragement.
Predicting if Ethereum will surpass $1600,Predicting if Ethereum will surpass $1600,Predicting if Ethereum will surpass $1600, Ethereum Coin Crypto news, Ethereum Coin News