It is estimated that about $13 billion worth of Ethereum (ETH) has been drained out of the cryptocurrency market over the past few days, according to an X post shared by analyst Ali. The analyst also stated that this signifies a major shift in investor sentiment.
#Ethereum has seen roughly $13 billion drained out of the #crypto market in the past few days, signaling a shift in investors sentiment! pic.twitter.com/XEfcqWprFq
— Ali (@ali_charts) September 15, 2023
Meanwhile, ETH was also one of the few top 10 tokens that saw its price drop heading into the new week. CoinMarketCap reported a 0.31% decrease in ETH’s value over the past day, causing the altcoin to trade at $1,631.21. Furthermore, its price fell within the range of its 24-hour high at $1,639.54 and its daily low at $1,621.86.
The intraday trading volume for ETH saw a significant decrease of over 37%, bringing it down to $2.74 billion at press time. Despite ETH’s slight decline in the past day, its weekly performance remained positive, showing a 0.29% gain.
Daily chart for ETH/USDT (Source: TradingView)
From a technical perspective, ETH’s price had broken out of a bullish chart pattern over the past 72 hours. During this time, the altcoin leader escaped a bullish falling wedge pattern and continued to trade above this pattern at press time.
However, bears were attempting to prevent ETH’s price from undergoing a bullish breakout – forcing the cryptocurrency’s price to between the 9-day and 20-day EMA lines. If ETH closes today’s trading session below the 9-day EMA line, then it may be at risk of falling back within the bullish chart pattern.
Thereafter, ETH may be at risk of retesting the support level at $1,535 in the coming few days. Conversely, a daily close above the 20-day EMA line at around $1,638.99 may result in ETH entering into an upward move towards the $1,750 threshold to potentially break above the key price point.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
