Features TheBitTimes.com

ETH’s technical and on-chain indicators point toward further downside, but there is a silver lining. Ether’s price fell this week, and several data points are beginning to suggest that further downside could be in store.  On July 24, Ether (ETH) experienced a drop close to its monthly low, reaching $1,825 amid Bitcoin’s (BTC) negative price action, as uncertainty loomed over macroeconomic conditions and a potential whale sell-off. Several on-chain and technical indicators point to further downside in ETH prices. However, the extent of this downward movement could be limited, considering the profit levels of existing holders and the decrease in ETH’s liquid supply. ETH on-chain analysis suggests more downside Since the beginning of 2023, Ethereum’s network value-to-transaction value (NVT) metric has indicated that the asset may have been overpriced. Glassnode’s NVT signal gauges the relative value of the Ethereum network by comparing the market price to the volume of on-chain trans...

ETH price has repeatedly failed to break above a key trendline resistance and now Ethereum risks losing a strong technical support as well. Ether's (ETH) rally versus Bitcoin (BTC) is not only showing signs of exhaustion, but is also in danger of breaking below a key technical support level.  ETH slides vs. BTC in second half of January The ETH/BTC pair declined nearly 9.25% on Jan. 24 from its local top of 0.0779 BTC established on Jan. 11. Since the start of the year, Bitcoin is slightly outpacing Ether in USD terms, rising 38% versus 35%, respectively. ETH/BTC daily candle price chart. Source: TradingView Interestingly, Ether's pullback versus Bitcoin has landed its price at the bottom of its EMA ribbon range, as shown below. ETH/BTC weekly candle price chart. Source: TradingView The EMA ribbon indicator shows numerous exponential moving averages of increasing timeframe on the same price chart. Dropping below the ribbon range increases an asset's likelihood of seeing a...