The ETH overbought territory pushed the coin into a correction phase above $300 as the coin surged more than 40% over the past week and hit a new yearly high of $335 so let’s see the analysis in the upcoming Ethereum news.
The data shows that some of the ETH holders are taking advantage of the recent bullish momentum as the mounting selling pressure could start a huge decline that pushes ETH to $273. The ETH overbought territory is in line with the on-chain metrics that look weak despite the recent bullish price action and if this trend continues, ETH will be bound to a steep correction.
Ethereum made headlines after the price finally broke out of the stagnation period and upon the breakout point, the smart contracts platform increased by more than 40% smashing over the mid-February peak. The Bullish momentum behind the coin was important enough to push the price up to a new yearly high of $335. Alongside the prices, the number of ETH mentions on social media networks increased and the Santiment social volume index registered more than 3700 new mentions over the past 24 hours as the highest social engagement activity recorded back in March market meltdown.
The increasing chatter around the second-biggest cryptocurrency by market cap proves to be a huge negative sign that often leads to steep corrections according to the head of content at Santiment Dino Ibisbegovic:
“Extreme social volumes – especially during a coin’s rally – are often indicative of ‘peak hype,’ and a near-irrational confidence of the market in the coin’s short term potential. According to a recent study in which we looked at 200 instances of social ‘peaks’ for different coins, this hype often has an adverse impact on the coins’ short-term performance.
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Ethereum seems to have reached an exhaustion point while the investors are extremely optimistic about the upward pressure as the price took a 9% nosedive to hit a new low of $306. Despite that, Ethereum managed to record some of the losses as many other metrics indicate that ETH is ready to start another decline.
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Based on historical data, the TD setup is quite accurate in predicting the local tops and bottoms because it did present a buy signal on July 18 before the bull rally began. For this reason, the forecast has to be taken seriously despite the recent downtrend pressure.
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