ETH’s MVRV ratio climbed into positive territory for a fleeting moment on 1 October but quickly fell lower as holders chose to take profits.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.price report
of Ethereum by AMBCrypto from 2 October, written hours before the harsh rejection, observed that the 12-hour chart was flipped bullishly at that time. While the article highlighted volume indicators supported the idea of further gains toward $1900, it also noted that the trading volume and Open Interest had begun to turn, suggesting bearish sentiment could be taking root.
Moreover, the price formed a range that extended from $1745 to $1531, with the mid-point at $1640. The mid-range level served as support for the majority of September, reinforcing the credibility of the range. Therefore, the fall below $1640 in the hours before press time signaled that a drop to $1530-$1550 could be imminent.
The brief rally saw the Relative Strength Index shoot higher to 68 on 1 October but has receded to 45 since then. This suggested the bullish momentum had waned. Additionally, the On-Balance Volume has been in a clear downtrend since July. Hence, until this trend shifts, a bullish breakout past $1700-$1750 would remain unlikely.The Market Value to Realized Value ratio climbed into positive territory for a fleeting moment on 1 October but quickly fell lower as holders chose to take profits.
The mean coin age has also been on the rise during this time, reinforcing the idea derived from the dormant circulation metric. The uptick in active addresses in mid-September was also a positive development for Ethereum.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.
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