{"id":418652,"date":"2024-08-28T20:30:05","date_gmt":"2024-08-28T15:00:05","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=418652"},"modified":"2024-08-28T21:37:48","modified_gmt":"2024-08-28T16:07:48","slug":"as-ethereum-crashes-9-heres-whats-coming-next-for-eth","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/as-ethereum-crashes-9-heres-whats-coming-next-for-eth\/","title":{"rendered":"As Ethereum crashes 9%, here&#8217;s what&#8217;s coming next for ETH"},"content":{"rendered":"<ul>\n<li><em>Ethereum&#8217;s price has fallen by nearly 9%, trading at $2,460 after peaking at $2,696 just a day earlier.<\/em><\/li>\n<li><em>Analysts are divided on ETH&#8217;s next move, with some predicting a potential rebound and others warning of further downside.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> has mirrored <a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Bitcoin&#8217;s [BTC]<\/a> recent sharp decline, shedding nearly 9% of its value in the past 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This downturn has pushed ETH&#8217;s price down to $2,460, a notable drop from the $2,696 peak seen just a day earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This market performance has sparked a flurry of analysis and speculation among cryptocurrency experts, with varied opinions on what might come next for the second-largest cryptocurrency by <a href=\"https:\/\/ambcrypto.com\/35m-in-ethereum-shifts-to-exchanges-beginning-of-a-market-shift\/\">market capitalization<\/a>.<\/span><\/p>\n<h2><strong>Major rebound or further downside next?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">One prominent crypto analyst, Anup Dhungana, <\/span><a href=\"https:\/\/x.com\/CryptoAnup\/status\/1828678714147897670\"><span style=\"font-weight: 400;\">highlighted<\/span><\/a><span style=\"font-weight: 400;\"> the potential for further downside in Ethereum&#8217;s price. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Dhungana suggested that if the current downturn continues, Ethereum could form a double bottom pattern at the $2,200 support level.\u00a0<\/span><\/p>\n<figure id=\"attachment_418653\" aria-describedby=\"caption-attachment-418653\" style=\"width: 1201px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37.png\"><img decoding=\"async\" class=\"wp-image-418653 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37.png\" alt=\"Source: Anup Dhungana on X\" width=\"1201\" height=\"1053\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37.png 1201w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37-300x263.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37-1024x898.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37-768x673.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.37-320x280.png 320w\" sizes=\"(max-width: 1201px) 100vw, 1201px\" \/><\/a><figcaption id=\"caption-attachment-418653\" class=\"wp-caption-text\">Source: Anup Dhungana\/X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This pattern, often seen as a bullish reversal signal, would suggest that Ethereum might find a strong support level at this price before potentially rebounding.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> However, this scenario is contingent on Ethereum not breaking through the $2,200 support, which could lead to further losses.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Another well-known analyst, known as \u2018The Cryptomist\u2019 on X (formerly Twitter), <\/span><a href=\"https:\/\/x.com\/Thecryptomist\/status\/1828708689881989364\"><span style=\"font-weight: 400;\">offered<\/span><\/a><span style=\"font-weight: 400;\"> a different perspective, cautioning against turning overly bearish just yet. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Cryptomist noted that while there was a high chance of Ethereum retesting its recent low, the upcoming monthly candle could bring about a significant pump in price.\u00a0<\/span><\/p>\n<figure id=\"attachment_418655\" aria-describedby=\"caption-attachment-418655\" style=\"width: 1198px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07.png\"><img decoding=\"async\" class=\"wp-image-418655 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07.png\" alt=\"Source: The Cryptomist on X\" width=\"1198\" height=\"1417\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07.png 1198w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07-254x300.png 254w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07-866x1024.png 866w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.39.07-768x908.png 768w\" sizes=\"(max-width: 1198px) 100vw, 1198px\" \/><\/a><figcaption id=\"caption-attachment-418655\" class=\"wp-caption-text\">Source: The Cryptomist\/X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This viewpoint suggests that Ethereum might experience a temporary rebound before any further declines, particularly as the market anticipates the close of the monthly trading period.<\/span><\/p>\n<h2><strong>What do Ethereum&#8217;s fundamentals suggest?<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Beyond technical analysis, Ethereum&#8217;s fundamentals have shown mixed signals. According to <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=ETH&amp;m=addresses.ActiveCount&amp;s=1719788400&amp;u=1724799599&amp;zoom=\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from Glassnode, Ethereum\u2019s number of active addresses has fluctuated over the past month. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After a period of consolidation, this metric spiked to 589,000 on the 14th of August.\u00a0<\/span><\/p>\n<figure id=\"attachment_418657\" aria-describedby=\"caption-attachment-418657\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3.png\"><img decoding=\"async\" class=\"wp-image-418657 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3.png\" alt=\"Source: Glassnode\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/glassnode-studio_eth-number-of-active-addresses-3-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-418657\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, since then, the number of active addresses has gradually declined, sitting at 444,000 at press time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This decrease in active addresses might indicate a weakening in network activity, which could exert downward pressure on Ethereum&#8217;s price as fewer participants are engaging with the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In contrast, Ethereum\u2019s Open Interest <\/span><a href=\"https:\/\/www.coinglass.com\/currencies\/ETH\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> presented a more complex picture. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Coinglass&#8217; data revealed that Ethereum\u2019s Open Interest\u2014a measure of the total number of outstanding derivative contracts on the asset\u2014has decreased by 7.42% over the past day, bringing the press time valuation to $10.60 billion.\u00a0<\/span><\/p>\n<figure id=\"attachment_418658\" aria-describedby=\"caption-attachment-418658\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34.png\"><img decoding=\"async\" class=\"wp-image-418658 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34.png\" alt=\"Ethereum open interest\" width=\"2560\" height=\"707\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-300x83.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-1024x283.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-768x212.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-1536x424.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-2048x566.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/08\/Screenshot-2024-08-28-at-10.52.34-1200x331.png 1200w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-418658\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This decline in Open Interest typically suggests that traders are closing positions, potentially due to uncertainty or a lack of confidence in the short-term price direction. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Ethereum\u2019s Open Interest volume has seen a significant increase, rising by over 100% to reach $38.97 billion.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\">Ethereum&#8217;s [ETH] Price Prediction<\/a> 2024 &#8211; 2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">This surge in volume, despite the decrease in Open Interest, indicated a heightened level of trading activity, possibly driven by speculative moves in response to the recent price drop. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">High trading volumes often lead to increased price volatility, meaning Ethereum could experience further sharp movements in the near term.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum has seen a sharp 9% drop, with analysts debating whether a rebound or further decline is imminent.<\/p>\n","protected":false},"author":89,"featured_media":418678,"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-418652","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 Crashes 9%: Here&#039;s What Might Be Coming Next<\/title>\n<meta name=\"description\" content=\"Ethereum has seen a sharp 9% drop, with analysts debating whether a rebound or further decline is imminent.\" \/>\n<meta name=\"robots\" content=\"index, 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