{"id":393331,"date":"2024-05-20T21:30:52","date_gmt":"2024-05-20T16:00:52","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=393331"},"modified":"2024-05-20T13:28:31","modified_gmt":"2024-05-20T07:58:31","slug":"ethereum-clears-this-key-hurdle-whats-next-for-eths-price","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-clears-this-key-hurdle-whats-next-for-eths-price\/","title":{"rendered":"Ethereum clears THIS key hurdle: What\u2019s next for ETH\u2019s price?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Ethereum\u2019s price only moved marginally in the last 24 hours.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators hinted that Ethereum\u2019s bull rally might resume soon.<\/span><\/em><\/li>\n<\/ul>\n<p><a href=\"http:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> successfully broke above a bullish falling wedge pattern a few days ago. Since then, the king of altcoins has been on track and has earned investors profit. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">If the trend lasts, then ETH has a long way to go.\u00a0<\/span><\/p>\n<h4><b>Ethereum bulls are slowing down<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">World Of Charts, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/twitter.com\/WorldOfCharts1\/status\/1792067804855673085?t=euGweo7vgtuuDY4cciHZUA&amp;s=19\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> highlighting how ETH managed to break out of a falling wedge pattern. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The token\u2019s price has consolidated inside the pattern since March and finally broke out a few days ago. Since then, ETH seemed to be on the right track, as its price increased by almost 5%. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this gain could just be the beginning, as the breakout has the potential to push ETH\u2019s price by 45%. However, the last few hours showcased less volatility, which somewhat paused ETH\u2019s gaining spree. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, ETH\u2019s price only moved up marginally in the last 24 hours. At the time of writing, ETH was trading at $3,131.77 with a market capitalization of over $376 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">To see whether this sluggish 24-hour price action could lead to a price correction, AMBCrypto checked Ethereum\u2019s on-chain metrics. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Our analysis of CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/eth\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that ETH&#8217;s net deposit on exchanges was low compared to the last seven days&#8217; average. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This meant that selling pressure on ETH was low. Additionally, both its Transfer Volume and Active Addresses remained high, which was an optimistic sign.<\/span><\/p>\n<figure id=\"attachment_393333\" aria-describedby=\"caption-attachment-393333\" style=\"width: 2000px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-393333 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM.png\" alt=\"Ethereum's active addresses increased \" width=\"2000\" height=\"594\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM.png 2000w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM-300x89.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM-1024x304.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM-768x228.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM-1536x456.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-20-at-11.10.39\u202fAM-1200x356.png 1200w\" sizes=\"(max-width: 2000px) 100vw, 2000px\" \/><\/a><figcaption id=\"caption-attachment-393333\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<h4><b>Troubles still persist for Ethereum<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Though the aforementioned metrics looked promising, a few of the others raised concerns. AMBCrypto\u2019s look at Glassnode\u2019s data revealed that ETH\u2019s NVT ratio had increased sharply over the last few days. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the uninitiated, the NVT ratio is computed by dividing the market cap by the transferred on-chain volume, measured in USD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> A rise in the metric meant that ETH was overvalued, which indicated a possible price correction soon.<\/span><\/p>\n<figure id=\"attachment_393335\" aria-describedby=\"caption-attachment-393335\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2.png\"><img decoding=\"async\" class=\"wp-image-393335 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2.png\" alt=\"Ethereum's NVT ratio spiked\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_ethereum-network-value-to-transactions-ratio-nvt-2-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-393335\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Apart from this, another key indicator looked bearish. Ethereum\u2019s <\/span><a href=\"https:\/\/cfgi.io\/ethereum-fear-greed-index\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">fear and greed index<\/span><\/a><span style=\"font-weight: 400;\"> had a value of 83% at press time, meaning that the market was in an \u201cextreme fear\u201d phase. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Whenever the metric hits such levels, it suggests that an asset\u2019s price has high chances of dropping.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Therefore, AMBCrypto planned to check ETH\u2019s daily chart to better understand whether a price correction was around the corner.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/profit\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The MACD displayed a bullish crossover. Additionally, ETH\u2019s Relative Strength Index (RSI) registered an uptick from the neutral mark. Its Money Flow Index (MFI) also followed a similar trend. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">These indicated that the chances of a major price correction were slim.\u00a0<\/span><\/p>\n<figure id=\"attachment_393337\" aria-describedby=\"caption-attachment-393337\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08.png\"><img decoding=\"async\" class=\"wp-image-393337 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/ETHUSD_2024-05-20_11-18-08-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-393337\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum\u2019s price increases by nearly 5% after a bullish breakout, but its momentum has declined.<\/p>\n","protected":false},"author":75,"featured_media":393342,"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":[6427],"class_list":["post-393331","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","tag-ambcrypto"],"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>Ethereum clears THIS key hurdle: What\u2019s next for ETH\u2019s price? 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