Ethereum Price Continues Downtrend Amid Weak Market Sentiment
- Downward Price Trend: Ethereum (ETH) has dropped to $1,985, marking a 60% decline from its August peak, representing its fourth consecutive week in the red and resulting in billions in lost market value, indicating weak market demand.
- Declining ETF and Futures Interest: Data shows that Ethereum spot ETFs lost over $129 million in assets on Wednesday, bringing monthly outflows to over $224 million, marking four consecutive months of outflows and reflecting waning investor interest in Ethereum.
- Staking Pool Growth: Ethereum staking has surpassed 30% of total supply for the first time, equating to 36.8 million ETH (approximately $72 billion at current prices) locked up, with nearly 1 million validators securing the network, indicating a long-term holding strategy despite price declines.
- Technical Analysis Signals: Ethereum's price has plummeted from $4,950 to $1,988 over recent months, breaking below the crucial support level of $2,112; however, it has formed an inverted head-and-shoulders pattern and the Relative Strength Index is nearing oversold territory, suggesting a potential price rebound is on the horizon.
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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 6 technical signals, shows that 3 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 stock.
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 | 1128.979 | 1438.39 | 1741.059 | 2050.47 | 2353.139 | 2662.55 | 2965.219 |
| Fibonacci | 1438.39 | 1672.204 | 1816.655 | 2050.47 | 2284.284 | 2428.735 | 2662.55 |
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