Ethereum price soars above $3K into 'red zone' triggering sell-off fears
An on-chain indicator, notorious for accurately predicting Ether tops, returns amid the ongoing price rally. Ethereum's native asset Ether (ETH) crossed above $3,000 in an extended upside rally on Aug. 7, hitting a three-month high. Nevertheless, the cryptocurrency's incredible move upside also boosted its possibilities of facing a bearish backlash.An on-chain indicator that tracks the total percent of Ethereum addresses in profits predicted the said downside outlook. In detail, the so-called "Ethereum: Percent of Addresses in Profits" indicator by Glassnode reached 96.4% amid the ETH/USD....
Related News
Ethereum price after trading towards $10.00-10 recovered. However, ETH/USD is now below a major resistance area of $11.00 that can be a sell zone. Ethereum price recently struggled to trade with a positive tone, and as a result, there was a downside move taking ETH/USD towards $10.00-10. The price looks like under a bearish pressure, which could result in more losses in the near future. There is a descending channel pattern formed on the hourly chart (data feed via Kraken), which is acting as a catalyst for the price. On the upside, the channel resistance area is coinciding with the 100....
After a brief display of bullish momentum on Thursday, Dogecoin began its bearish price action, falling as low as $0.201. In 1 month, DOGE’s price has declined by almost 40%, triggering speculations about a possible bear market phase. However, the dog-themed meme coin could still experience a rebound as it moves into a key zone. […]
As Ethereum gained upward traction, the $4,500 price mark constantly proved to be a strong resistance zone for the leading altcoin to break, causing it to turn slightly bearish. Even though the altcoin is experiencing temporary bearishness, the dip appears to have ignited the sentiment of key investors, triggering a sharp wave of accumulation in […]
Ethereum price failed to recover above $1,620 and dropped below $1,500. ETH is now consolidating losses and might face resistance near the $1,520 zone. Ethereum failed to stay above the $1,600 and $1,550 levels. The price is trading below $1,550 and the 100-hourly Simple Moving Average. There is a connecting bearish trend line forming with resistance at $1,520 on the hourly chart of ETH/USD (data feed via Kraken). The pair remains at risk of more losses if it fails to clear the $1,410 resistance zone. Ethereum Price Recovery Fades Ethereum price failed to stay above the $1,620 support zone....
The cryptocurrency market has been hit with another wave of sell pressure as both the Bitcoin and Ethereum prices plunged sharply, triggering widespread panic and uncertainty. With over $536 million in Spot Bitcoin ETF outflows in a single day, the downturn has sparked renewed fears of an extended bearish phase. Analysts are calling this correction a “Bloody Friday,” a less but still severe reflection of last week’s brutal selloff that wiped billions in the market and saw BTC and ETH spiraling downwards. Related Reading: Biggest Shiba Inu Burn In Months — And It Came From A Coinbase....