Are Ethereum (ETH) bulls prepared to return control to the seller after prices are rejected by resistance levels? Despite facing selling pressure, bulls may still make a comebackEthereum (ETH) set out from a support level of $1619 in early October, but was quickly suppressed by short positions at a resistance level of $1745. According to AMBCrypto's price report released on October 6th, bulls may encounter major obstacles as they approach the $1750 price range
Are Ethereum (ETH) bulls prepared to return control to the seller after prices are rejected by resistance levels? Despite facing selling pressure, bulls may still make a comeback
Ethereum (ETH) set out from a support level of $1619 in early October, but was quickly suppressed by short positions at a resistance level of $1745. According to AMBCrypto's price report released on October 6th, bulls may encounter major obstacles as they approach the $1750 price range. ETH bulls encountered significant resistance when facing resistance levels, and this analysis has been validated.
Although Ethereum found short-term support at the $1619 level, the indicators on the chart suggest further bearish activity may occur.
After a bullish rebound, the seller hopes to regain control
CMF (ChaikinMoneyFlow) shows a large-scale outflow of funds from Ethereum (ETH). The CMF indicator decreased from+0.11 to -0.06, which may be due to profit taking by Ethereum investors.
This has led to a decrease in purchasing pressure, with the RSI (relative strength index) dropping from a high to a low. At the same time, the continuous downward trend of OBV (On Balance Volume) may further limit the opportunities for bullish upward trends.
Therefore, selling pressure may persist, leading to a breakthrough in the support level of $1619. This will provide a 5% profit opportunity for the seller, with the next bearish target being a support level of $1550.
Bulls still have the possibility of rebounding
What is the value of today's ETH?
The market value to realized value (MVRV) ratio reveals the comparison between short-term and long-term holders. According to Santiment's data, the 30 day ratio shows that short-term holders received a small profit. However, the 90 day ratio shows that long-term holders are still in a negative range.
This indicates that multiple parties may still rebound from the support level, and long-term holders are unlikely to participate in the selling wave.
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