CandleFocus Ethereum On-Chain Data Warns of Brief ETH Decline Amid Falling Network Activity
2024-12-08
Author: Content Editor
The article suggests that several on-chain metrics for Ethereum (ETH) indicate a possible short-term price correction after its recent 35% rally. The price-Daily Active Addresses (DAA) divergence has dropped to -64.17%, indicating a decrease in user engagement and a potential decrease in price. Additionally, the Coins Holding Time has decreased, suggesting selling pressure. The resistance at $4,073 and a negative Cumulative Volume Delta (CVD) further support the possibility of a price drop to around $3,788 or even $3,572. However, if market conditions change, Ethereum's price could rise towards $4,500.
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