Ethereum

Bitcoin

<p>The post <a href="https://coinpedia.org/altcoin/ethereum-tests-crucial-support-but-wont-drop-below-1850-heres-why-to-be-bullish-on-eth-price/" rel="noopener noreferrer nofollow">Ethereum Tests Crucial Support But Won’t Drop Below $1,850: Here’s Why To Be Bullish On ETH Price</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In recent hours, the market has experienced significant liquidations. Bitcoin’s price touched the $38K resistance mark only to trigger sellers to open short positions. Consequently, the price of Bitcoin nearly dropped by $1,000, while Ethereum’s price lost its momentum above $2,000, now hovering around a critical support level. Despite this, Ethereum is showing signs of a comeback. On-chain metrics indicate an increasing accumulation, which is acting as a buffer against any decline.&nbsp;</p>
<h2 class="wp-block-heading" id="h-ethbtc-touches-1-week-low-nbsp">ETHBTC Touches 1-Week Low&nbsp;</h2>
<p>The latest data from Coinglass indicates significant market movements. In the past 24 hours, there was a liquidation event as Ethereum (ETH) struggled to maintain its value above $2,000. This downturn led to the liquidation of long positions worth approximately $37.5 million, strengthening the resistance level as the price did not meet buyers’ expectations.</p>
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<p>Further insights from TradingView show that the ETH/BTC pair has reached its lowest point of the week, trading at 0.053. This trend points to an increase in selling activities in the market. Additionally, there appears to be a decreased interest from major investors, or “whales,” as Ethereum’s price could not surpass the $2,100 threshold. Data from IntoTheBlock reveals a decline in whale transactions, dropping from a high of $6.6 billion to around $4 billion.&nbsp;</p>
<p>The potential for a decrease in Ethereum’s price may not be significant this time, as BlackRock’s <a href="https://coinpedia.org/news/blackrock-officially-files-the-s-1-application-for-its-spot-ethereum-etf/" rel="noopener noreferrer nofollow">initiative for a spot ETH ETF</a> appears to have a positive impact, potentially maintaining the altcoin’s price in a favorable buying zone.</p>
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<p>The NVT (Network Value to Transactions) ratio has been fairly steady around 48.3. This stability indicates that even though the network value has dropped due to a decrease in price, the volume of Ethereum transactions has remained high enough to keep the NVT ratio balanced. Therefore, it supports ETH’s price to hold above $1,850.&nbsp;</p>
<h2 class="wp-block-heading" id="h-what-s-next-for-eth-price">What’s Next For ETH Price?</h2>
<p>Ether’s value fluctuated notably, with the price attempting to decline below $1,900. However, bulls continue to put pressure, keeping the price above EMA200. As of writing, the ETH price trades at $1,936, declining over 4.55 from yesterday’s rate.&nbsp;</p>
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<p>However, the inability of the bulls to convert the $2,000 threshold into a stable support point is a concerning indicator. However, the positive move is that the buyers were able to maintain the price above the 20-day exponential moving average (EMA) on the daily chart. Should the buyers manage to sustain ETH’s value above $2,000, it could be a sign of strong purchasing activity at lower price points. In such a scenario, the price might aim to reach the higher zone, ranging from $2,140 to $2,200.</p>
<p>On the bearish side, if ETH’s price decreases and falls below the 200-day EMA on the 4-h chart, it would suggest a comeback of bearish momentum. Such a downturn could potentially lead to a further drop towards $1,750.&nbsp;&nbsp;</p>

Ethereum Tests Crucial Support But Won’t Drop Below $1,850: Here’s Why To Be Bullish On ETH Price

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