The price of Ethereum (ETH) fell to $1,620 on September 2nd. Studying the data on the Ethereum blockchain can give us an idea of what the price of Ethereum might do in the next few days.
On September 2, the price of Ethereum (ETH) dropped to $1,620. Both data from trading directly on the Ethereum network and from trading of related financial products suggest that Ethereum could face more selling pressure in the near future.
Almost $450 million worth of value has been lost in the Ethereum futures market.
Information from the derivatives market shows that the amount of money people are betting on Bitcoin decreased to $4. 86 billion on September 4th. Interestingly, the last time it went down to this level was during the market panic caused by the USDC-depeg and Silicon Valley Bank failure in March 2023.
In the past few days, the value of Ethereum Futures markets decreased, causing a loss of almost $450 million.
Open Interest is the total value of active or unsettled derivative contracts for an asset. A downtrend in Open interest is a very important signal that the price of ETH is likely to go down. It shows that investors are taking their money out of ETH futures markets.
This could make people less interested in the market and could also mean less demand for ETH in the market.
Investing in crypto made easier. Find out what people think the price of ETH (Ethereum) will be in the future.
Investors who plan to invest for a long time are feeling very worried.
The traders who bet that the price of ETH will go down are having a negative effect on the ETH market. Data from blockchain shows that a lot of people who have held onto their Ethereum for a long time have been selling it in the past week.
In proof of this, the average age of ETH coins was 47. 82 on August 28, but now it has dropped to 45. 54 as of September 4. This 5% drop in the average age of coins suggests that a lot of people who own ETH are selling it.
Mean Coin Age is a way to see how long people have been holding onto their coins to figure out if they are selling or keeping them. It is calculated by figuring out how many days the coins have been sitting in the same place without moving.
A downtrend in the Mean Coin Age shows that a lot of old coins have been moved or sold during that time. The graph shows a strong connection between the Mean Coin Age changes and recent drops in the price of ETH, especially around August 18 and August 29.
If this keeps happening, people who own ETH can expect the price to go down more in the next few days.
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ETH Price Forecast: The $1,600 Level of Support is in Danger.
Based on the data from the markets, it looks like the price of Ethereum will probably drop below $1,600 soon.
The In/Out of Money Around Price data shows the prices at which people bought Ethereum, which supports this prediction.
However, as shown below, 2. 5 million people bought 3. 12 million coins for at least $1,581 each. These buyers could give strong support if they purchase more tokens to protect their positions.
Ethereum’s price might go back down to $1,500 if it can’t stay at that support level.
However, if the bulls can make the price go higher than $1,800, they might be able to change the downward trend. However, as shown above, the 1. 65 million people who currently own ETH bought 5. 4 million ETH at an average price of $1,700.
If the resistance barrier is broken, Ethereum buyers might try to reach the $1,800 price level.
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