As bulls attempt to reverse recent losses, Ethereum may fall into another range of fluctuations.In the past 48 hours, ETH has fallen by 6%, and bears have shifted their level of $1619 towards resistance
As bulls attempt to reverse recent losses, Ethereum may fall into another range of fluctuations.
- In the past 48 hours, ETH has fallen by 6%, and bears have shifted their level of $1619 towards resistance.
- Due to the surge in foreign exchange inflows, there may be selling pressure in the medium to long term.
Ethereum [ETH] attempted to rise bullish after a bearish breakthrough, but quickly encountered resistance at $1619. Previously, Ethereum prices fluctuated between $1619 and $1718 within a month.
If Bitcoin [BTC] continues to fluctuate horizontally between $25700 and $28400, ETH may follow the price trend of this king coin, with fluctuations ranging from $1550 to $1619.
Bullish determination to yield to price fluctuations for $1619
On September 10th, VitalikButerin (co founder of Ethereum)'s X account was hacked, triggering a wave of panic selling at ETH. This provides sellers with the necessary motivation to break through the bullish defense of the $1619 support level.
Despite a 6% decline, 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 the 12 hour time frame shows bearish rejection at this level.
The Relative Strength Index (RSI) highlights a bullish recovery, significantly breaking away from oversold areas, but buying pressure has weakened to around the neutral 50 level. On the other hand, the balanced trading volume continued to decline, highlighting the overall bearish sentiment.
Despite a bullish rebound, the continuation of this price trend may lead to ETH entering another range between $1550 and $1619.
chainThe above indicators highlight the possibility of sustained selling pressure
Santiment's data shows that the average coin age of 90 days has significantly decreased. This indicates that the significant selling of ETHs in the past few days has been triggered by long-term holders.
Similarly, there was a significant surge in foreign exchange inflows between September 6th and 12th. This implies continued selling pressure, and ETH may continue to experience fluctuating price trends.
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