Connect with us
Active Currencies 14679
Market Cap $2,314,028,652,050.40
Bitcoin Share 53.95%
24h Market Cap Change $-0.41
Ethereum

Will Ethereum’s momentum shift above $2,496 or continue to struggle?

2min Read

The 7-day RSI was at 46, showing that the weekly momentum was bearish but was on the verge of shifting bullishly.
Posted:
Avatar
Journalist
Will The Ethereum Momentum Shift Above $2,496 or Continue to Struggle?
Avatar
Journalist
Posted:

Share this article

  • The Ethereum weekly close above $2,496 would be an encouraging sight.
  • The long-term downtrend meant a price recovery could be delayed by holders seeking to exit at break-even.

Ethereum [ETH] prices rose above the $2,500 mark but the downtrend of the past two months was still in play. The longer timeframes showed that $1,949 and $2,496 were the key levels to watch.

CryptoQuant analyst Burak Kesmeci pointed out in a post on X that a weekly close above $2,496 would be a positive for ETH bulls. The levels on the chart above were plotted based on Ethereum’s downtrend from $4,807 to $1,067 which began in November 2021.

The TD Sequential also presented a buy signal for ETH, AMBCrypto looked at other metrics for Ethereum, and not all of them were as encouraging.

Historical in/out of the money lowest in 2024

Ethereum In/Out of the Money

Source: IntoTheBlock

The in/out of the money data for the year 2024 reached its lowest point on the 16th of September. Only 59.4% of all wallets were in the money back then, although this figure rose to 64.4% on the 20th of September.

This marked the lowest percentage of addresses in the money in the year 2024. Less than two weeks ago, ETH was trading at $2.3k.

At the start of the year, ETH prices were at $2,250, meaning that the progress this year has been very slim, especially compared to Bitcoin [BTC].

Ethereum Netflows

Source: IntoTheBlock

The netflow metric showed that the past 24 hours saw $439 million worth of Ethereum flow out of exchanges. The 7-day and 30-day changes were less extreme and revealed the oscillating nature of netflows.

Overall, accumulation is underway, but it has been slow. Investors will be hoping the demand increases rapidly in Q4 2024.

Gauging momentum and ETH holder sentiment

Ethereum Santiment

Source: Santiment

The 90-day MVRV was at -8.45% on the 21st of September, which was quite a high loss that three-month holders were enduring. The sharp downtrend in June caught many investors offside, and the metric reached -27.98% on the 7th of August.

Read Ethereum’s [ETH] Price Prediction 2024-25

This was another indication that rapid price gains would be difficult for Ethereum due to holders who could sell the asset during a rally, looking to get out at break-even.

The Open Interest noted a steady increase over the past month to signal more speculative activity. The 7-day RSI was at 46, showing that the weekly momentum was bearish but was on the verge of shifting bullishly.

 

Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.