Ethereum\u2019s price has been trending lower over the past few months but has found support at a critical level.<\/p>\n
Meanwhile, the market is yet to demonstrate a bullish shift.<\/p>\n
By Edris Derakhshi<\/a><\/p>\n On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually declined toward the $2,200 support zone.<\/p>\n While this area has held the price again, the market has yet to display a significant rebound. With the RSI also remaining below 50%, the momentum still favors a bearish continuation. Therefore, a breakout below the $2,200 level remains probable.<\/p>\n <\/a><\/p>\n Looking at the 4-hour chart, it is evident that the market has been on a gradual rise, making higher highs and lows since bouncing from the $2,200 support level.<\/p>\n Yet, the bullish momentum is still lacking, and the market should at least break above the $2,700 level before a long-term bullish reversal could be expected. As a result, whether the recent consolidation is an accumulation or a distribution phase remains to be seen.<\/a><\/p>\n By Edris Derakhshi<\/a><\/p>\n While Ethereum\u2019s price has already corrected significantly, market participants remain unconvinced that a bullish reversal will occur soon. Yet, analyzing the supply and demand dynamics of the market can yield beneficial results.<\/p>\n This chart presents the exchange reserve metric (alongside its 30-day moving average), which measures the amount of ETH held in exchange wallets. These coins are considered as supply, as they can be sold quickly and create selling pressure.<\/p>\n As the chart suggests, the Ethereum exchange reserve metric has declined consistently over the past few months. However, it is currently rising above its 30-day moving average, which indicates a potential rise in selling pressure and could lead to a further drop in the short term if not met with sufficient demand.<\/a><\/p>\n The post Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Ethereum\u2019s price has been trending lower over the past few months but has found support at a critical level. Meanwhile, the market is yet to demonstrate a bullish shift. Technical Analysis By Edris Derakhshi The Daily Chart On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually […]<\/p>\n","protected":false},"author":0,"featured_media":6267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6266"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6267"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The Daily Chart<\/h3>\n
The 4-Hour Chart<\/h3>\n
Sentiment Analysis<\/h2>\n
Ethereum Exchange Reserve<\/h3>\n
![<\/a><\/p>\nThe 4-Hour Chart<\/h3>\nLooking at the 4-hour chart, it is evident that the market has been on a gradual rise, making higher highs and lows since bouncing from the $2,200 support level.<\/p>\nYet, the bullish momentum is still lacking, and the market should at least break above the $2,700 level before a long-term bullish reversal could be expected. As a result, whether the recent consolidation is an accumulation or a distribution phase remains to be seen.<\/a><\/p>\nSentiment Analysis<\/h2>\nBy Edris Derakhshi<\/a><\/p>\nEthereum Exchange Reserve<\/h3>\nWhile Ethereum\u2019s price has already corrected significantly, market participants remain unconvinced that a bullish reversal will occur soon. Yet, analyzing the supply and demand dynamics of the market can yield beneficial results.<\/p>\nThis chart presents the exchange reserve metric (alongside its 30-day moving average), which measures the amount of ETH held in exchange wallets. These coins are considered as supply, as they can be sold quickly and create selling pressure.<\/p>\nAs the chart suggests, the Ethereum exchange reserve metric has declined consistently over the past few months. However, it is currently rising above its 30-day moving average, which indicates a potential rise in selling pressure and could lead to a further drop in the short term if not met with sufficient demand.<\/a><\/p>\nThe post Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s price has been trending lower over the past few months but has found support at a critical level. Meanwhile, the market is yet to demonstrate a bullish shift. Technical Analysis By Edris Derakhshi The Daily Chart On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually […]<\/p>\n","protected":false},"author":0,"featured_media":6267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6266"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6267"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/ETHUSDT-Daily-Sep-13-2024-scaled.jpg\"){kind=link}
![<\/a><\/p>\nSentiment Analysis<\/h2>\nBy Edris Derakhshi<\/a><\/p>\nEthereum Exchange Reserve<\/h3>\nWhile Ethereum\u2019s price has already corrected significantly, market participants remain unconvinced that a bullish reversal will occur soon. Yet, analyzing the supply and demand dynamics of the market can yield beneficial results.<\/p>\nThis chart presents the exchange reserve metric (alongside its 30-day moving average), which measures the amount of ETH held in exchange wallets. These coins are considered as supply, as they can be sold quickly and create selling pressure.<\/p>\nAs the chart suggests, the Ethereum exchange reserve metric has declined consistently over the past few months. However, it is currently rising above its 30-day moving average, which indicates a potential rise in selling pressure and could lead to a further drop in the short term if not met with sufficient demand.<\/a><\/p>\nThe post Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s price has been trending lower over the past few months but has found support at a critical level. Meanwhile, the market is yet to demonstrate a bullish shift. Technical Analysis By Edris Derakhshi The Daily Chart On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually […]<\/p>\n","protected":false},"author":0,"featured_media":6267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6266"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6267"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/ETHUSDT-4H-Sep-13-2024-scaled.jpg\"){kind=link}
![<\/a><\/p>\nThe post Ethereum Price Analysis: Can ETH Rise to $2.7K After Finding Support at This Critical Level?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"Ethereum\u2019s price has been trending lower over the past few months but has found support at a critical level. Meanwhile, the market is yet to demonstrate a bullish shift. Technical Analysis By Edris Derakhshi The Daily Chart On the daily timeframe, the asset has recently been rejected from the $2,700 resistance level and has gradually […]<\/p>\n","protected":false},"author":0,"featured_media":6267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-6266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6266"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/6266\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6267"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}](\"https:\/\/cryptopotato.com\/wp-content\/uploads\/2024\/09\/Ethereum-Exchange-Reserve-All-Exchanges-1-scaled.jpg\"){kind=link}