Ethereum Price Analysis August Week 3
The current price of Ethereum is approximately $1,595.39 and with a probable decline of up to 10% that took place during the recent 24 hours, while its market capitalization is nearly $199,662,199,532. Since the huge drop in June, the biggest altcoin around the globe – Ethereum – witnessed gradual progress. During the previous couple of months, continuous bullish behavior has been seen in the token’s price as the Ethereum Merge is nearing.
Ethereum (ETH) Records Upsurge with The Merge Hype, But Falls afterward
Nonetheless, recently this scenario has changed for many crypto tokens, taking into account Ethereum and Bitcoin which went through a price fall. As the price fell, many interesting advancements took place in the on-chain metrics of ETH. The data from Glassnode highlighted that the Exchange Outflow Volume of Ethereum, 7d MA, just touched a 1-month low at almost $14,564,884.80. The respective decline points out an additional drop in the price of the altcoin in the next few days because a plunge exchange’s outflow volume normally signals a bearish trend.
In addition to this, as a reduction has occurred in the outflow volume, the inflow volume saw an increase, additionally enabling the option of a price decline. As the price plummeted, Ethereum’s domination heightened due to the crypto community’s debate over the episode on several platforms on social media, expressing their suggestions in this respect. The price drop additionally came along with a plunge in the supply of Ethereum in gains as it fell from the all-time high of 63,790.230 (during the previous 24 hours) to 49,999, 507, denoting elevated investor losses.
There Are Still Chances for the Top Altcoin to Bounce Back
The Market Value Realized Value Ratio, known as the price actions indicator, signifies that the worse time has not yet ended in the case of Ethereum. As the graph puts it, the MRVR Ratio’s position was much heightened than the one mark, disclosing several other price drops during the next days because this is a sign of a probable market bottom. Although some metrics bring to the front a possible downturn in the value of ETH the four-hour chart additionally appears to present a gloomy scene.
A bearish attitude was there on the chart resulting in the fall of Ethereum’s price. Bollinger Bands (BB) claimed that the value of the altcoin reached a greater volatility zone, cautioning a crisis in the forthcoming days. As per the Relative Strength Index (RSI), ETH’s price plunge driven it toward the oversold area. Thus, a possibility is that the price will show an upward trend, specifying support at the point of $16,000.
