Hi Guys,
Ethereum After a 24% crash in 7 days, how soon will ETH rebound?
Ethereum has witnessed a major price correction over the last week, but the trend might change soon.
Ethereum’s fate
CoinMarketCap’s data revealed that ETH was down by more than 24% over the last seven days. At the time of writing, ETH was trading at $2,514.29 with a market capitalization of over $302 billion.
While that happened, Lookonchain, a popular X (formerly Twitter) handle, recently posted a tweet regarding a notable development.
As per the tweet, a wallet of LonglingCapital transferred 20,000 ETH, worth over $50.3 million, to wallet “0x3478” after being dormant for nearly two years.
Therefore, AMBCrypto planned to have a better look at the token’s state to find out what to expect.
Which way is ETH headed?
As per our analysis of Glassnode’s data, Ethereum’s NVT ratio dropped sharply. Whenever the metric drops, it suggests that an asset is undervalued, indicating that the chances of a price increase are high.
Our analysis of Hyblock capital’s data revealed that if ETH turns bullish, then it might soon reclaim the $3.3k mark. This was the case as liquidation would rise at the level, which often results in price corrections.
However, if the bears continue to control the mallet, then it won’t be surprising to witness ETH dropping to $2k in the coming days.
#BTCMarketPanic #RecessionOrDip? #MarketDownturn #BinanceTurns7 #Write2Earn!