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ETH’s Price May Dip in the Coming Weeks as Trader FUD Grows


coinedition.com 25 January 2023 10:03, UTC
Reading time: ~2 m

The price of Ethereum (ETH) has dropped 5.29% over the last 24 hours according to CoinMarketCap. This 24-hour loss has also pushed ETH’s weekly performance into the red. As a result, ETH’s price is currently down 2.03% over the last 7 days. At press time, the price of ETH is trading at $1,551.13.

In a tweet this morning, Santiment (@santimentfeed), shared that the recent dip in ETH’s price was “forewarned by the massive profit-taking transaction ratio spike on January 20th.” In the tweet, the blockchain analytics company added that ETH is now being discussed in 21% of crypto asset discussion and that this FUD may benefit prices in the medium term.

ETH social dominance (Source: Santiment)

The tweet also showed that the social dominance for ETH is at its highest level since July last year.

Daily chart for ETH/USDT (Source: CoinMarketCap)

ETH’s price has broken below the 9-day EMA line and is now making a move toward the support level at $1,513.81. Should this level fail to hold, ETH’s price will be at risk of dropping to the next support at around $1,370.

The daily RSI indicator has flagged bearish as the daily RSI line has dropped below the daily RSI SMA line. In addition to this, the daily RSI line is sloped negatively towards oversold territory – suggesting that ETH’s price may continue to drop for the rest of the week.

Confirmation of the bearish thesis will be if ETH’s price breaks below the support level at $1,513.81 as well as the 20-day EMA line in the next 2 days.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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