- Ethereum’s weekly close above $2,496 would be an encouraging sight.
- The long-term downtrend means that price recovery could be delayed by holders looking to exit at breakeven.
Ethereum (ETH) prices broke above the $2,500 mark, but the downtrend of the past two months was still in place. Longer time frames showed that $1,949 and $2,496 were the key levels to watch.
Source: Burak Kesmeci on X
CryptoQuant analyst Burak Kesmeci highlighted in an article on X that a weekly close above $2,496 would be positive for ETH bulls. The levels on the chart above were drawn based on Ethereum’s downtrend from $4,807 to $1,067 that began in November 2021.
The TD Sequential also presented a buy signal for ETH, AMBCrypto looked at other metrics for Ethereum, and not all were as encouraging.
Historical currency inflows/outflows at lowest in 2024
Source: IntoTheBlock
The money inflow/outflow data for the year 2024 bottomed out on September 16. Only 59.4% of all portfolios were in the money then, although this figure rose to 64.4% by September 20.
This is the lowest percentage of addresses in the currency in 2024. Less than two weeks ago, ETH was trading at $2.3K.
At the beginning of the year, the price of ETH was $2,250, which means that the progress this year has been very small, especially compared to Bitcoin (BTC).
Source: IntoTheBlock
The netflow indicator showed that over the past 24 hours, $439 million worth of Ethereum left exchanges. The 7-day and 30-day variations were less extreme and revealed the oscillating nature of netflows.
Overall, accumulation is underway, but it is slow. Investors are hoping that demand will pick up quickly in the fourth quarter of 2024.
Assessing ETH Holder Momentum and Sentiment
Source: Santiment
The 90-day MVRV was -8.45% on September 21, which was a fairly steep loss for three-month holders. The sharp downtrend in June caught many investors off guard, and the metric hit -27.98% on August 7.
Read Ethereum (ETH) Price Prediction 2024-25
This was another indication that rapid price gains would be difficult for Ethereum due to holders who could sell the asset during a rally, looking to exit at breakeven.
Open Interest has been rising steadily over the past month, indicating increased speculative activity. The 7-day RSI was at 46, indicating that the weekly momentum was bearish but was about to flip to the upside.
