CandleFocus Ethereum (ETH) Price Might Tank 15%: Here’s Why
2024-10-07
Author: Content Editor
Ethereum (ETH) has seen a 1% price increase in the past 24 hours, but its recovery may be short-lived due to weak on-chain demand and bearish sentiment. The negative readings from ETH's price daily active address (DAA) divergence indicate low demand for the altcoin. Ethereum's Parabolic Stop and Reverse (SAR) indicator also reinforces the bearish outlook, with its dots positioned above ETH's price, signaling downward pressure and potential further declines. The indicator's dots act as dynamic resistance, potentially leading to selling pressure if the price approaches $2620. However, if there is an increase in demand, ETH could break above resistance and target $3,338.
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