{"id":412301,"date":"2024-08-06T20:30:05","date_gmt":"2024-08-06T15:00:05","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=412301"},"modified":"2024-08-07T00:53:06","modified_gmt":"2024-08-06T19:23:06","slug":"ethereum-after-a-24-crash-in-7-days-how-soon-will-eth-rebound","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/ethereum-after-a-24-crash-in-7-days-how-soon-will-eth-rebound\/","title":{"rendered":"Ethereum: After a 24% crash in 7 days, how soon will ETH rebound?"},"content":{"rendered":"<ul>\n<li><em>Ethereum fell 24% in seven days amidst the broader crypto market bloodbath.\u00a0<\/em><\/li>\n<li><em>Though selling pressure remained high, the NVT ratio dropped, showing increased chances of a price rebound soon.<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum [ETH]<\/span><\/a><span style=\"font-weight: 400;\"> has witnessed a major setback last week as its price dropped in double digits. However, the token has shown signs of recovery in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Let\u2019s have a better look at Ethereum\u2019s current state to understand what\u2019s going on with the token.\u00a0<\/span><\/p>\n<h2><b>Ethereum\u2019s fate<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">CoinMarketCap\u2019s <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that ETH was down by more than 24% over the last seven days. At the time of writing, ETH was trading at $2,514.29 with a market capitalization of over $302 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While that happened, Lookonchain, a popular X (formerly Twitter) handle, recently posted a <\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/1820645376132886549?t=gzi1nX4z7qHxy1hzrLAccg&amp;s=19\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> regarding a notable development. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the tweet, a wallet of LonglingCapital transferred 20,000 ETH, worth over $50.3 million, to wallet &#8220;0x3478&#8221; after being dormant for nearly two years. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, AMBCrypto planned to have a better look at the token\u2019s state to find out what to expect.\u00a0<\/span><\/p>\n<h2><b>Which way is ETH headed?\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">As per our analysis of Glassnode\u2019s data, Ethereum\u2019s NVT ratio dropped sharply. Whenever the metric drops, it suggests that an asset is undervalued, indicating that the chances of a price increase are high.\u00a0<\/span><\/p>\n<figure id=\"attachment_412304\" aria-describedby=\"caption-attachment-412304\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1.png\"><img decoding=\"async\" class=\"wp-image-412304 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1.png\" alt=\"Ethereum's NVT ratio dropped\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-network-value-to-transactions-ratio-nvt-1-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-412304\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">AMBCrypto then took a look at Santiment\u2019s data. As per our analysis, ETH\u2019s supply on exchanges increased over the last seven days. This meant that selling pressure was high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its supply outside of exchanges was flat, meaning that investors were not actively buying ETH at press time. However, whales were buying ETH, which was evident from that rise in its supply held by top addresses<\/span><\/p>\n<figure id=\"attachment_412307\" aria-describedby=\"caption-attachment-412307\" style=\"width: 3840px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024.png\"><img decoding=\"async\" class=\"wp-image-412307 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-2048x693.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Ethereum-ETH-14.49.03-06-Aug-2024-1200x406.png 1200w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-412307\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<h2><b>What to expect from Ethereum\u00a0<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto took a look at ETH\u2019s daily chart to better understand what to expect from it. As per our analysis, the technical indicator MACD displayed a bearish advantage in the market. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Both the Relative Strength Index (RSI) and Money Flow Index (MI) were in the oversold zone. These indicators suggested that there were high chances of ETH to recover from its losses. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, the Chaikin Money Flow (CMF) registered an uptick, further indicating that ETH\u2019s price might increase in the coming days.\u00a0<\/span><\/p>\n<figure id=\"attachment_412308\" aria-describedby=\"caption-attachment-412308\" style=\"width: 2308px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27.png\"><img decoding=\"async\" class=\"wp-image-412308 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27.png\" alt=\"\" width=\"2308\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27.png 2308w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-300x189.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-1024x646.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-768x484.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-1536x969.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-2048x1292.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/ETHUSD_2024-08-06_14-55-27-1200x757.png 1200w\" sizes=\"(max-width: 2308px) 100vw, 2308px\" \/><\/a><figcaption id=\"caption-attachment-412308\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Our analysis of Hyblock capital\u2019s data revealed that if ETH turns bullish, then it might soon reclaim the $3.3k mark. This was the case as liquidation would rise at the level, which often results in price corrections.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, if the bears continue to control the mallet, then it won\u2019t be surprising to witness ETH dropping to $2k in the coming days.\u00a0<\/span><\/p>\n<figure id=\"attachment_412309\" aria-describedby=\"caption-attachment-412309\" style=\"width: 2880px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM.png\"><img decoding=\"async\" class=\"wp-image-412309 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM.png\" alt=\"\" width=\"2880\" height=\"1590\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-300x166.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-1024x565.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-768x424.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-1536x848.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-2048x1131.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-06-at-3.04.20\u202fPM-1200x663.png 1200w\" sizes=\"(max-width: 2880px) 100vw, 2880px\" \/><\/a><figcaption id=\"caption-attachment-412309\" class=\"wp-caption-text\">Source: Hyblock Capital<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has witnessed a major price correction over the last week, but the trend might change soon. <\/p>\n","protected":false},"author":75,"featured_media":412311,"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":[6427,6425],"class_list":["post-412301","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","tag-featured"],"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: After a 24% crash in 7 days, how soon will ETH rebound? 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