Ethereum

bullish

Optimism

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Sell Ethereum Amid Market Downturn</a> 
<a href="https://en.coin-turk.com/ethereums-milestone-a-reflection-of-vitalik-buterins-vision-and-supply-policy-evolution/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Ethereum</a> price is facing a downward trend due to significant investor group actions. These <a href="https://finance.coin-turk.com/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">investors</a> have pushed the altcoin price lower than what optimistic individual investors could. Ethereum’s price is currently declining, influenced by the broader market downturn and a tepid response to spot Ethereum ETF launches.
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-ethereum">What is Happening with Ethereum?</h2>
The situation is further complicated by medium and long-term holders choosing to sell for profit. These investors typically help maintain price stability even in bearish markets. However, their selling decisions can halt the most promising bullish trends. Approximately 740,000 Ethereum worth about $2.4 billion were sold in the last seven days. This supply was last active between six months and two years ago.
<img fetchpriority="high" decoding="async" class="aligncenter wp-image-374610 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/glassnode-4.webp" alt="" width="1800" height="1013">
This development worsened the decline but had little impact on individual investors. According to the Net Unrealized Profit/Loss (NUPL) indicator, these investors remain optimistic about a potential price increase. The indicator is currently in the Optimism zone, signaling that Ethereum holders expect gains in upcoming trading sessions. Whether this optimism is strong enough to lift Ethereum’s price remains uncertain.
<img decoding="async" class="aligncenter wp-image-374609 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-veri.webp" alt="" width="1800" height="1013">
<h2 class="p1" style="text-align: justify" id="ethereum-chart-analysis">Ethereum Chart Analysis</h2>
Ethereum price is holding firmly above the 23.6% Fibonacci Retracement line, known as the bear market support base. This support prevents further declines but skepticism also hinders a rise. Ethereum is stuck below the 38.2% Fibonacci line at $3,304 and is attempting a breakout. Beyond this, a rise might struggle to surpass the 50% Fib line at $3,455.
<img decoding="async" class="aligncenter wp-image-374607 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-grafik.webp" alt="" width="1804" height="808">
However, if the selling and broader market downturn persist, a drop to the 23.6% Fib line and below $3,118 is possible, invalidating the neutral-bullish thesis.
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Sell Ethereum Amid Market Downturn</a></h5>
The post <a href="https://en.coin-turk.com/investors-sell-ethereum-amid-market-downturn/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Investors Sell Ethereum Amid Market Downturn</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Investors Sell Ethereum Amid Market Downturn

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