- The price of ETH fell more than 2.4% in the past seven days.
- Market indicators and statistics continued to bearish on the token.
Last week, Ethereum [ETH] price witnessed a drop as it went below the $1,900 mark again. The latest data shows that things could get worse if selling pressure continues to mount. Checking the token’s daily chart gave more cause for concern, as the possibility of ETH’s price falling further seemed likely.
Read Ethereum [ETH] Price prediction 2023-24
Ethereum’s latest price correction
The king of altcoins managed to cross $1,900 last week, but he couldn’t keep up the pump and soon fell. From CoinMarketCap, the price of ETH fell more than 2.4% in the past seven days. At the time of writing, it was trading at $1,870.54, with a market cap of over $224 billion.
Additionally, Lookonchain’s recent tweet hinted that Justin Sun had sold his ETH holdings. According to the tweet, Justin Sun transferred 23,000 ETHwhich was worth more than $43 million, to Poloniex.
Justin Sun transferred 23,000 $ETH ($43 million) to #Poloniex ~10 minutes ago.
Justin Sun transferred a total of 67,500 $ETH ($126 million) to #Poloniex in 7 transactions in the past year.https://t.co/VTN13dGJ1q pic.twitter.com/fYa4bBI8DS
— Lookonchain (@lookonchain) July 8, 2023
Given this dump, the possibility of a continued sell-off seemed high. However, it did not affect the sentiment around Ethereum, as evidenced by the rise in weighted sentiment. In fact, Ethereum’s popularity soared as its social volume increased.
Source: Sentiment
The selling pressure on Ethereum is high
Glassnode Alerts tweet revealed that Ethereum outflows recently hit a 1-month low. The statistic clearly revealed that investors did not buy the token. This was further proven by CryptoQuant’s facts, which indicated that ETH’s exchange rate reserve was increasing, meaning it was under selling pressure. Net deposits to exchanges were also high compared to the past seven days, suggesting investors were selling their holdings.
According to the Santiment chart, Ethereum’s MVRV ratio and velocity both plummeted last week, which were bearish signals. However, the supply of top addresses showed a slight increase in the same period.
Source: Sentiment
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The bears have taken over
ETHThe MACD showed a bearish crossover, suggesting that the sellers are leading the market. The Relative Strength Index (RSI) took a sideways path near the neutral mark, which looked bearish.
aIn addition, Ethereum’s Money Flow Index (MFI) fell, further increasing the likelihood of a price drop in the coming days.
Source: TradingView
