{"id":349774,"date":"2023-10-11T01:00:23","date_gmt":"2023-10-10T19:30:23","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=349774"},"modified":"2023-10-10T16:37:58","modified_gmt":"2023-10-10T11:07:58","slug":"is-a-price-correction-imminent-for-ethereum","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-a-price-correction-imminent-for-ethereum\/","title":{"rendered":"Is a price correction imminent for Ethereum"},"content":{"rendered":"<ul>\n<li><em>ETH&#8217;s social dominance has climbed to its highest since February.<\/em><\/li>\n<li><em>Readings from the coin&#8217;s daily price movements suggest that it might not be due for a price correction.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Ethereum\u2019s [ETH] social dominance has risen to its highest in seven months, according to data from Santiment.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udde3\ufe0f <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> has dropped to $1,570, &amp; <a href=\"https:\/\/twitter.com\/hashtag\/crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#crypto<\/a>&#39;s #2 market cap asset has become an increasingly polarizing topic. Currently at its lowest fee levels of 2023, traders are growing impatient. Rising <a href=\"https:\/\/twitter.com\/hashtag\/bearish?src=hash&amp;ref_src=twsrc%5Etfw\">#bearish<\/a> sentiment is a good sign of an impending turnaround. <a href=\"https:\/\/t.co\/WwmO7hXga7\">https:\/\/t.co\/WwmO7hXga7<\/a> <a href=\"https:\/\/t.co\/7JJaiiSZSo\">pic.twitter.com\/7JJaiiSZSo<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1711422499253256347?ref_src=twsrc%5Etfw\">October 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>&nbsp;<\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Ethereum\u2019s [ETH] Price Prediction<\/a>\u00a02023-24<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, information retrieved from the data provider put the coin\u2019s social dominance at 10.53%. This represented 10% of all crypto asset discussions recorded so far this month and the coin\u2019s highest social dominance since February.\u00a0<\/span><\/p>\n<h4><b>Why the chit-chat?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">In the past 24 hours, ETH\u2019s price has slipped from $1630 to exchange hands at $1,587 at press time. The last time the leading altcoin traded below $1600 was on 27 September.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to Santiment, with the coin\u2019s value seeking newer lows, \u201ctraders are growing impatient,\u201d causing bearish sentiments to grow.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Generally, a surge in a coin\u2019s social activity during a period marked by surging bearish sentiments often precipitates a price correction. As noted by Santiment,<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400;\"> \u201cRising bearish sentiment is a good sign of an impending turnaround.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">However, a look at the coin\u2019s price movements on a daily chart suggested that ETH might not be poised for a significant rebound in the short term.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For one, since the month started, Ether accumulation amongst daily traders has trended downward. Key momentum indicators have since shifted from positions above their respective center lines to register values below 50 as of the current moment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, ETH\u2019s Relative Strength Index (RSI) and Money Flow Index (MFI) were southbound at 42.46 and 40.16, respectively, at press time.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lending credence to the above position, the coin\u2019s on-balance volume (OBV) has fallen by 1% since the month started. A decline in an asset\u2019s OBV suggests that there is more selling volume than buying volume. It often signals that bearish sentiment is increasing and that the coin&#8217;s price is likely to decline further.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 ETHs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Moreover, ETH\u2019s Chaikin Money Flow (CMF) was a negative -0.11 at press time. A CMF value below zero is a sign of weakness in the market as it highlights the extent of liquidity exiting from the coin.\u00a0<\/span><\/p>\n<figure id=\"attachment_349787\" aria-describedby=\"caption-attachment-349787\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06.png\"><img decoding=\"async\" class=\"wp-image-349787 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06.png\" alt=\"\" width=\"2560\" height=\"1098\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06-1024x439.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06-768x329.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06-1536x659.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-10_07-54-06-2048x878.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-349787\" class=\"wp-caption-text\">Source: ETH\/USDT on Trading View<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Data from <\/span><a href=\"https:\/\/www.coinglass.com\/BitcoinOpenInterest\"><span style=\"font-weight: 400;\">Coinglass<\/span><\/a><span style=\"font-weight: 400;\"> showed that the bearish sentiments extend to the coin\u2019s futures market, as its Open Interest has trailed downward since the month began. At $5.12 billion at press time, ETH\u2019s Open Interest has fallen by almost 2% in the past ten days.\u00a0<\/span><\/p>\n<figure id=\"attachment_349785\" aria-describedby=\"caption-attachment-349785\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51.png\"><img decoding=\"async\" class=\"wp-image-349785 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51.png\" alt=\"\" width=\"2560\" height=\"897\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51-300x105.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51-1024x359.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51-768x269.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51-1536x538.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Screenshot-2023-10-10-at-07.41.51-2048x718.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-349785\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Social discussions around Ethereum have climbed to their highest since February. While this accompanied by growing bearish sentiments often precedes a price rally, Ether might not be properly positioned for the same at the moment. <\/p>\n","protected":false},"author":64,"featured_media":349788,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-349774","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is a price correction imminent for Ethereum - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum\u2019s [ETH] social dominance has risen to its highest in seven months, according to data from Santiment.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/is-a-price-correction-imminent-for-ethereum\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is a price correction imminent for Ethereum - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Social discussions around Ethereum have climbed to their highest since February. 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