CandleFocus Ethereum (ETH) Could Soon Say Goodbye to the Bull Market
2024-09-07
Author: Content Editor
The price of Ethereum (ETH) is struggling and its future depends on critical support levels. If these levels fail, ETH could enter a prolonged bearish period. On-chain indicators suggest that long-term ETH holders are exiting profitable positions, potentially leading to a bear market similar to what happened in 2022. The Balance by Time Held metric also shows holders losing confidence in ETH's potential. The Moving Average Convergence Divergence (MACD) indicates bearish momentum, and ETH needs to stay above $2,220 to prevent a significant price crash. However, a drop below $2,000 is likely, although buying pressure could stabilize ETH's performance and prevent further declines.
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