Ethereum

Reserve Dollar

bullish

Reserve

Daily

<p>Ethereum’s price has been rapidly declining over the last couple of weeks since the rejection from the $3,500 resistance level.</p>
<p>However, the price might find a bottom soon.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>In the daily timeframe, the price has been dropping aggressively after breaking below the 200-day moving average, which is around the $3,200 mark.</p>
<p>Both the $3,000 and $2,700 levels have been lost as the price has even tested the $2,200 support zone.</p>
<p>Yet, yesterday’s price action was significantly bullish, sparking speculations about whether the market will experience a V-shaped recovery. Currently, the $2,700 resistance level is holding the price, preventing it from rallying higher. Therefore, a consolidation might occur in the short term before any significant move occurs.</p>
<figure id="attachment_352508" aria-describedby="caption-attachment-352508" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-352508" src="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-scaled.jpg" alt="" width="2560" height="1309" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-300x153.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-1024x524.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-768x393.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-1536x786.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-2048x1047.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-Daily-Aug-9-2024-50x26.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-352508" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>Looking at the 4-hour timeframe, the price has rebounded from the $2,200 region and is testing the $2,700 resistance level. The RSI has also recovered above the 50% threshold, indicating that the momentum is bullish in this timeframe.</p>
<p>Therefore, if the price breaks through the $2,700 level, the market can rally higher toward the $3,000 resistance zone, and a full recovery could be expected for Ethereum.</p>
<figure id="attachment_352507" aria-describedby="caption-attachment-352507" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-9-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption id="caption-attachment-352507" class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-Chain Analysis</h2>
<p>By <a href="https://tradingrage.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">TradingRage</a></p>
<h3 id="ethereum-exchange-reserve">Ethereum Exchange Reserve</h3>
<p>With Ethereum’s price experiencing a massive drop, many investors have capitulated and sold their coins at a loss. Yet, a period of accumulation might be beginning as some participants consider ETH to be oversold.</p>
<p>This chart demonstrates the Bitcoin exchange reserve metric, which measures the amount of BTC held in exchange wallets. Increasing values indicate that the investors are depositing their coins to exchanges to sell them, and decreasing values hint at an accumulation phase.</p>
<p>Looking at the chart, the exchange reserve metric has experienced a gradual rise following the recent drop, which points to a capitulation by investors. However, with the market showing signs of recovery, the exchange reserve is once again dropping below its 30-day moving average, which points to an increase in demand. If this trend continues, Ethereum could recover soon.</p>
<figure id="attachment_352509" aria-describedby="caption-attachment-352509" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="size-full wp-image-352509" src="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-scaled.jpg" alt="" width="2560" height="1440" srcset="https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-2048x1152.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2024/08/Ethereum-Exchange-Reserve-All-Exchanges-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 <figcaption id="caption-attachment-352509" class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/ethereum-price-analysis-is-another-correction-imminent-for-eth-or-is-3k-in-sight/" rel="noopener noreferrer nofollow">Ethereum Price Analysis: Is Another Correction Imminent for ETH or is $3K in Sight?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Ethereum Price Analysis: Is Another Correction Imminent for ETH or is $3K in Sight?

Table of Contents

CryptoPotato_News

Other articles published on Aug 9, 2024

OKX Tightens Compliance, Terminates Tornado Cash Accounts

Stellar’s Role in Reviving San Francisco, Colombia: From Violence to Financial Inclusion

JPMorgan Chase launches AI assistant and revolutionizes banking operations

Crypto Market Watch: BTC, ETH, SOL, TIA Rebound

Top Crypto Presale Happening Now: Gala’s Surge Amidst the Crypto Market Turnaround

10 Best Bitcoin Live Casino Sites

Join our free newsletter for daily crypto updates!