- If Ethereum breaks through $2,496 for the weekly close, it will be a positive outlook.
- A prolonged downtrend means that price recovery may be delayed due to holders looking to sell at breakeven.
The Ethereum (ETH) price has surpassed $2,500, but the downtrend of the past two months is still ongoing. On a longer time frame, $1,949 and $2,496 are key levels to watch.
Source: Burak Kesmeci of X
CryptoQuant analyst Burak Kesmeci noted in a post on X that a weekly close above $2,496 would be bullish for ETH. The levels on the chart above are based on Ethereum’s downtrend from $4,807 to $1,067 that began in November 2021.
TD Sequential also gave a buy signal for ETH, and AMBCrypto looked at other indicators for Ethereum, but not everyone was so bullish.
All-time low in/outs in 2024
Source: IntoTheBlock
The 2024 deposit/withdrawal data hit its lowest point on September 16, when only 59.4% of all wallets had deposits, but this figure rose to 64.4% on September 20.
This represents the address with the lowest percentage of money in 2024. Just two weeks ago, ETH was trading at $2,300.
At the beginning of the year, the price of ETH was $2,250, which means that progress this year has been very minimal, especially when compared to Bitcoin (BTC).
Source: IntoTheBlock
According to the NetFlow indicator, $439 million worth of Ethereum has flowed out of exchanges in the last 24 hours. The 7-day and 30-day fluctuations were less dramatic, revealing the oscillatory nature of NetFlow.
Overall, accumulation is ongoing but slow. Investors will be hoping for a rapid increase in demand in Q4 2024.
Measuring Momentum and ETH Holder Sentiment
Source: Santiment
The 90-day MVRV was at -8.45% on September 21, which was a fairly high loss for 3-month holders. The sharp decline in June left many investors in a quandary, with the indicator reaching -27.98% on August 7.
Read our Ethereum (ETH) Price Prediction 2024-25
This was another sign that the price would struggle to rise quickly, as Ethereum holders are likely to sell their assets to break even during the rally.
Open Interest has been steadily increasing over the past month, signaling more speculative activity. The 7-day RSI is at 46, indicating that the weekly momentum has been bearish but is on the verge of turning bullish.