Ethereum (ETH) has recently experienced a price decline and encountered resistance at the $1619 resistance level. In the past 48 hours, ETH prices have fallen by 6%, from the previous level of $1619, forming a range of fluctuations
Ethereum (ETH) has recently experienced a price decline and encountered resistance at the $1619 resistance level. In the past 48 hours, ETH prices have fallen by 6%, from the previous level of $1619, forming a range of fluctuations.
In the past month, Ethereum prices have been fluctuating between $1619 and $1718. If Bitcoin (BTC) continues to trade horizontally between $25700 and $28400, ETH may move towards a similar price trend, with fluctuations ranging from $1550 to $1619.
On September 10th, the X account of Ethereum co founder VitalikButerin was hacked, resulting in a sharp drop in ETH prices. This provides an opportunity for sellers to break through the support level of $1619.
Despite a 6% drop in prices, bulls quickly rebounded at the support level of $1550 and hit a new resistance level of $1619 within 24 hours. However, the price trend within 12 hours shows bearish resistance at this level.
The Relative Strength Index (RSI) shows bullish signs and has moved away from oversold areas, but buying pressure has dropped to near neutral levels. On the other hand, the continuous decline in trading volume highlights the overall bearish sentiment.
Despite some bullish signs, the continuation of this price trend may lead ETH to further enter the trading range between $1550 and $1619.
On chain data indicators show that the average age of coins has significantly decreased over the past 90 days, indicating a large-scale sell-off of ETH by long-term holders. In addition, from September 6th to 12th, the sharp increase in foreign exchange inflows suggests continued selling pressure, and ETH may continue to experience fluctuating price trends.
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