Ethereum

The post <a rel="nofollow" href="https://coinpedia.org/altcoin/ethereum-triggers-correction-toward-1900-will-bulls-support-eth-price-further/">Ethereum Triggers Correction Toward $1,900 – Will Bulls Support ETH Price Further?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
As the sun rose on the global crypto market, Ethereum, the world’s second-largest cryptocurrency by market capitalization, found itself in an upward correction mode. After a period of bearish rally, Ethereum has begun a correction phase, with its price inching towards the $1,900 mark. As Ethereum faces a market correction, the focus is on the bulls’ ability to prevent further price drops. This phase could potentially set the stage for Ethereum <a href="https://coinpedia.org/altcoin/top-2-reasons-why-ethereum-eth-price-is-poised-to-rally-hard/">to break the $2,000 barrier</a>.&nbsp; 
<h2 class="wp-block-heading" id="traders-are-bullish-toward-ethereum">Traders Are Bullish Toward Ethereum&nbsp;</h2> 
CryptoQuant data reveals a correlation between Ethereum’s price movements and its trading volumes on decentralized exchanges (DEX). Since January, there’s been a rise in ETH transactions on DEX platforms. In March, when the SEC sanctioned centralized exchanges, DEX trading volumes peaked, coinciding with an ETH price surge.&nbsp; 
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However, DEX volumes have since fallen, potentially indicating a bearish trend. While a correlation exists, it doesn’t imply direct causation, as other factors also influence ETH’s price. 
Despite various influences, traders maintain a positive stance on ETH, as evidenced by the decreasing put-to-call ratio. This ratio, a measure of options trading activity, signifies a bullish market sentiment when it declines.&nbsp; 
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It compares the number of put options, which are bearish bets, to call options, which are bullish bets. A lower put-to-call ratio suggests that fewer traders are betting against ETH, indicating a more optimistic market outlook. 
Another factor contributing to traders’ bullish behavior could be the decreasing Implied Volatility. A drop in implied volatility suggests that traders expect less market uncertainty and fewer price fluctuations, often interpreted as a sign of reduced risk and a more stable market. 
<h2 class="wp-block-heading" id="h-what-s-next-after-1-900">What’s Next After $1,900?</h2> 
The extended wick on Ethereum’s candlestick indicates that buyers bought heavily near the dip of $1,800. ETH price has made a notable surge and currently attempts to break above the EMA100 on the 4-hour price chart. However, bulls are strongly defending a surge as a breakout above $1,900 will see a spike in short liquidation. As of writing, ETH price trades at $1,871, surging over 0.4% from yesterday’s rate.&nbsp; 
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The flattened moving averages and the relative strength index (RSI) near the midline suggest an equilibrium between supply and demand. If the ETH price breaks above $1,927, bulls will again induce buying pressure to send the price toward $1,975, where bears might put up a strong fight.&nbsp; 
On the other hand, a severe downturn might be on the horizon if the ETH price fails to hold momentum above the critical support line of $1,820. A decline below this level will strengthen short-position holders’ confidence, and ETH price could touch the bottom level near $1,650-$1,700.&nbsp;

Ethereum Triggers Correction Toward $1,900 – Will Bulls Support ETH Price Further?

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