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After Ethereum plummeted 24%, when will ETH rebound?

Recently, the Ethereum market has experienced a violent price fluctuation, plummeting 24% in seven days. However, the market situation is unpredictable, and this decline may be about to turn around.

ETH: The fate of Ethereum is in suspense

According to authoritative data from CoinMarketCap, ETH has experienced an unprecedented price decline in the past week, falling by more than 24%. As of the writing of this article, ETH’s trading price is fixed at $2,514.29, and its market value is still huge, exceeding $302 billion.

This development undoubtedly adds a bit of mystery to the market, and also prompted AMBCrypto to decide to analyze the current status of Ethereum more deeply in order to reveal its future trend.

ETH’s future path: between ups and downs

Through an in-depth analysis of Glassnode data, we found that Ethereum’s NVT ratio has experienced a significant decrease. A decline in this indicator usually means that the asset is undervalued by the market and therefore more likely to rise in price.

Furthermore, we combined the data of Hyblock Capital to conduct research and judgment. The analysis shows that if the ETH market can turn bullish, it is expected to quickly regain its $3,300 loss. The logic behind this prediction is that when prices reach this level, liquidation in the market tends to increase, triggering further price adjustments.

However, there is another side of the market that cannot be ignored. If the bears continue to gain the upper hand, a drop to $2,000 in the next few days is not out of the question. The long-short game in the market will determine the final direction of ETH.

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