Can Ethereum (ETH) price rebound next week?
The post Can Ethereum (ETH) price rebound next week? appeared on BitcoinEthereumNews.com. Ethereum’s (ETH) value has experienced another decline this week, dropping to $1,557. This represents a 5% decline over the course of a week that has generally seen negative trends in the cryptocurrency market. ETH last 7 days performance. Source: Finbold.com The loss of momentum extends further, as Ethereum’s price has fallen by 8% in the last two weeks and 2% over the past 30 days. However, it’s important to note that despite recent setbacks, the market’s top altcoin has still managed to maintain a year-to-date increase of 29.6%. Ethereum’s situation remains somewhat mixed, but recent overselling may position the asset for a potential rebound in the coming weeks, particularly when considering the fundamental strength of the Ethereum network, and the potential inflow of investors. Is the bearish trend set to continue? Ethereum’s price has been on a downward trajectory for a couple of months, showing significant weakness in its indicators since mid-August, coinciding with a broader market downturn. The relative strength index (RSI) for ETH, represented by the purple line, has dropped from nearly 70 at the beginning of the month to 35 today. Although there has been a slight uptick in the past few hours, it remains weak, indicating that the coin is currently oversold. ETH last 2 months performance. Source: TradingView A similar situation can be observed with ETH’s 30-day exponential moving average (EMA) in yellow, which continues to slide further below its 200-day average (blue). This emphasizes the presence of substantial selling pressure. One of the most discouraging signals at present is the decline in the token’s support level, denoted by the green line, over the past few days. This suggests that ETH may struggle to resist further declines in the coming days. However, despite the potential for minor drops in the very near future, the fact…
The post Can Ethereum (ETH) price rebound next week? appeared on BitcoinEthereumNews.com.
Ethereum’s (ETH) value has experienced another decline this week, dropping to $1,557. This represents a 5% decline over the course of a week that has generally seen negative trends in the cryptocurrency market. ETH last 7 days performance. Source: Finbold.com The loss of momentum extends further, as Ethereum’s price has fallen by 8% in the last two weeks and 2% over the past 30 days. However, it’s important to note that despite recent setbacks, the market’s top altcoin has still managed to maintain a year-to-date increase of 29.6%. Ethereum’s situation remains somewhat mixed, but recent overselling may position the asset for a potential rebound in the coming weeks, particularly when considering the fundamental strength of the Ethereum network, and the potential inflow of investors. Is the bearish trend set to continue? Ethereum’s price has been on a downward trajectory for a couple of months, showing significant weakness in its indicators since mid-August, coinciding with a broader market downturn. The relative strength index (RSI) for ETH, represented by the purple line, has dropped from nearly 70 at the beginning of the month to 35 today. Although there has been a slight uptick in the past few hours, it remains weak, indicating that the coin is currently oversold. ETH last 2 months performance. Source: TradingView A similar situation can be observed with ETH’s 30-day exponential moving average (EMA) in yellow, which continues to slide further below its 200-day average (blue). This emphasizes the presence of substantial selling pressure. One of the most discouraging signals at present is the decline in the token’s support level, denoted by the green line, over the past few days. This suggests that ETH may struggle to resist further declines in the coming days. However, despite the potential for minor drops in the very near future, the fact…
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