Ethereum Hits 10-Month Low Against Bitcoin
- ETH/BTC Ratio Decline: Ethereum (ETH) has slipped to an ETH/BTC ratio of approximately 0.02835, down over 35% from the August peak of 0.04324, and now sits below the 200-week moving average of 0.04828, indicating significant market weakness.
- Outflow Pressure: Over the past week, more than 500,000 ETH worth over $1.1 billion has moved to exchanges, typically signaling that holders are preparing to cash out, which could exacerbate selling pressure, particularly as Binance's ETH reserves have climbed to 3.62 million, representing about 24.6% of all Ether held on centralized exchanges.
- Technical Indicator Warning: Analyst Ali Martinez highlighted a fresh TD Sequential sell signal on Ethereum's weekly chart, the first in nine months, with historical precedents indicating a potential 63% drawdown; his downside roadmap suggests targets of $1,900 short-term, $1,565 mid-term, and $1,090 long-term.
- Old Wallet Purchases: Despite bearish signals, on-chain tracker Lookonchain flagged a 10-year-old wallet that spent $4.3 million to acquire 1,951 ETH, indicating some investors are buying at lower levels, which may provide support for a future rebound.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1788.627 | 1898.964 | 2010.837 | 2121.174 | 2233.047 | 2343.384 | 2455.257 |
| Fibonacci | 1898.964 | 1983.848 | 2036.289 | 2121.174 | 2206.058 | 2258.499 | 2343.384 |
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