Ether death cross threatens more downside as ETH price trades at a key support level
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...