Is it Too Late to Buy Ethereum? ETH Price Keeps Falling But Eco Friendly Ecoterra Just Hit $4.5 Million – 100x Potential in 2023?
After more than a month of consolidatory ranging, Ethereum (ETH) price remains steadfast in a tightly fought range.
Currently trading at $1,858 (a 24 hour change of -0.79%), Ether appears to have once again been rejected by a tough ceiling of resistance at $1,925.
Now in a minor -3.60% retracement move, markets are on edge as ETH heads for a retest of support at the tricky MA20.
Indeed, the MA20 has formed a critical moving average since April - suppressing upside price moves for over 35 days.
A breakthrough moment last week could be the last chance at a return to technical rally structure for Ether on the short-time frame (STF), and a strong bounce from support here could supercharge price action.
But despite a continuation of the mid-range pattern, Ethereum's oscillators cloud judgement.
With an RSI sat at 51, a marginal display of bearish divergence, many are wondering whether the current price level is sustainable.
Indeed, the recent retracement move has failed to flip to an oversold signal on the RSI, and this could demand ETH price pushes lower.
In contrast, the MACD provides a lot of hope with an incredibly bullish 8.78 reflecting the newfound support above the MA20.
Shifting attention to Ethereum on-chain, there has been a seismic reversal of market behaviour worthy of attention.
Looking at Net Transfer Volume from/to Exchanges, there has been a clear change in sentiment towards accumulation behaviour since May 23.
Now in the 9th day of net outflow (depicting Ether moving from exchange accounts into cold storage wallets or staking), more than 600,000 ETH has moved off exchanges in recent days (with a value of $1.125bn).
This accumulation has been characterised by a huge outflow on May 26, which saw a whopping 451,806 ETH
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