Is Ethereum awaiting another price correction?

ETH’s value declined by greater than 2.4% within the final seven days.
Market indicators and metrics remained bearish on the token.

Over the past week, Ethereum’s [ETH] value witnessed a decline because it as soon as once more went underneath the $1,900 mark. The newest knowledge revealed that issues can get even worse if promoting strain continues to rise. Checking the token’s day by day chart gave extra causes for concern as the potential of ETH’s value plummeting additional appeared probably.

Learn Ethereum’s [ETH] Value Prediction 2023-24

Ethereum’s newest value correction

The king of altcoins managed to cross $1,900 final week, but it surely couldn’t maintain the pump and shortly fell. As per CoinMarketCap, ETH’s value plummeted by greater than 2.4% within the final seven days. On the time of writing, it was buying and selling at $1,870.54, with a market capitalization of over $224 billion.

On high of that, Lookonchain’s current tweet identified that Justin Solar bought his ETH holdings. As per the tweet, Justin Solar transferred 23,000 ETH, which was price greater than $43 million, to Poloniex.

Justin Solar transferred 23,000 $ETH ($43M) to #Poloniex ~10 minutes in the past.

Justin Solar transferred a complete of 67,500 $ETH ($126M) to #Poloniex in 7 transactions over the previous yr.https://t.co/VTN13dGJ1q pic.twitter.com/fYa4bBI8DS

— Lookonchain (@lookonchain) July 8, 2023

Contemplating this dump, the potential of a continued sell-off appeared excessive. Nevertheless, it didn’t have an effect on sentiment round Ethereum, as evident from the rise in its weighted sentiment. The truth is, Ethereum’s reputation rose as its social quantity went up.

Supply: Santiment

Promoting strain on Ethereum is excessive

Glassnode Alert’s tweet revealed that Ethereum’s alternate outflow lately reached a 1-month low. The metric clearly revealed that traders weren’t shopping for the token. This was additional confirmed by CryptoQuant’s data, which identified that ETH’s alternate reserve was growing, which means that it was underneath promoting strain. Its web deposits on exchanges had been additionally excessive in comparison with the final seven days, suggesting that traders had been promoting their holdings.

As per Santiment’s chart, Ethereum’s MVRV Ratio and velocity each plummeted final week, which had been bearish indicators. Nevertheless, the availability held by high addresses registered a slight uptick in the identical interval.

Supply: Santiment

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The bears have taken over

ETH’s MACD displayed a bearish crossover, suggesting the sellers had been main the market. The Relative Energy Index (RSI) took a sideways path close to the impartial mark, which appeared bearish.

Additionally, Ethereum’s Cash Circulate Index (MFI) went down, additional growing the possibilities of a value decline within the coming days.