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Ethereum’s RSI at 38.49 suggests it may be oversold, signaling a possible price reversal if confirmed by other indicators. Mixed sentiment in Ethereum’s derivatives market shows decreased open interest but increased options trading volume. Large holders dominate 89% of Ethereum supply, creating potential volatility if significant selling occurs in the market. Ethereum’s realized price has held steady, even as the market experienced a significant downturn over the past five months, according to a new analysis by CryptoQuant. This price level has historically acted as strong support, and when Ethereum’s performance surpasses it, it has often signaled the start of altcoin bull markets. Traders are keenly observing these trends for any signs of an upward shift. Ethereum is in a bullish trend “#Ethereum hasn’t lost the realized price it broke through despite the sharp price decline over the past five months, and the realized price is acting as support. Historically, altcoin bull markets have started when Ethereum is stronger than its… pic.twitter.com/CDiKFldfA5 — CryptoQuant.com (@cryptoquant_com) August 30, 2024 Currently, Ethereum’s price is $2,500.09, with a 24-hour trading volume of $13.78 billion. It has slipped 2.37% in the past 24 hours, and its market cap is valued at $300.76 billion. There are approximately 120.3 million ETH coins in circulation. The Relative Strength Index (RSI) on the daily chart reads 38.49, which suggests that Ethereum might be oversold and could see a price reversal. Traders are monitoring other technical indicators and market conditions to confirm any potential trends before making trading decisions. Source: TradingView Moreover, Ethereum’s Moving Average Convergence Divergence (MACD) indicator is slightly above the signal line, hinting at a potential bullish trend. This technical setup could present a buying opportunity for traders looking to capitalize on prospective price increases.  However, sentiment in Ethereum’s derivatives market is mixed, with recent data showing…

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Filed under: News - @ August 31, 2024 6:15 am