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- 1 Ethereum price currently trades at $1632.26 with a loss of 0.13% during the intraday trading session.
- 2 ETH price trades below 20, 50, 100, and 200-day exponential moving averages.
- 3 The year-to-date return of Ethereum has dropped to 36.46%.
Ethereum (ETH) price is currently hovering near the June low of $1626 since mid-August, managing to stay above $1600. The cryptocurrency price is attempting a recovery wave above $1620 but needs to settle above $1650 to begin a decent increase.
ETH price experienced a strong downfall after the break of the $1827 support level. The asset price is striving to form a strong base near $1620 to initiate a recovery wave. During the end of August, the price regained bullish momentum and surged but faced strong rejection at $1732.
The rejection turned the price bearish again and it fell to form a support at $1626. Looking at the four-hour time frame, the price is stuck in a consolidation zone ranging between $1617 and $1640. If a candle can close above $1650, the price might rise toward the next resistance level of $1732 if there is follow-up bullish momentum.
On the other hand, if the ETH price fails to break above $1650, it starts another decline. The first hurdle for bears reside at the $1600 psychological level, if it clears it, the price might revisit the $1580 and $1550 support levels.
Network Activity of Ethereum
The daily active addresses, in the last 90 days, peaked on June 11, 2023, reaching 474,700. Since then, there has been a significant decline. The current daily active addresses are 317,552, a decline of 1.3% in the past 90 days.
The daily transactions of Ethereum are also down by 1.4% to 994,098 in the last 90 days. The total value locked has also suffered and experienced a downfall of 17.5% in the last 90 days, reaching $21,564 Million.
On-chain data tracker shows that whales were moving 300,000 ETH to a centralized exchange. Usually, transfer to a centralized exchange means a sell-off, especially large investors, who do so to minimize their impact of selling as much as possible. Till now, there has been no indication of what whales intend to do.
Will ETH Price Stay Above $1620?
The cryptocurrency price has slipped below all the major exponential moving averages which indicates bearish momentum. However, the Chaikin money flow (CMF) score has surged above the 0 mark and currently trades at 0.06, suggesting a rise in strength and capital inflow in the market.
The relative strength index still hovers near the 30 mark, implying bearish momentum in the price. The long-short ratio is 1.06 with 51.59% longs and 48.41% shorts, indicating a slightly higher participation of bulls in the last 24 hours.
Conclusion
The on-chain data shows that 44.2% of ETH holders are now carrying their coin in loss. ETH price has continued to consolidate for some more time. It needs to rise above $1650 to witness some gains.
Technical Levels
- Major support: $1580 and $1550
- Major resistance: $1732 and $1827
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
