Ethereum’s price movements have been under scrutiny, particularly with indicators suggesting a potential shift. The 1-day Relative Strength Index (RSI) sits at 45.96, indicating a neutral market sentiment. This balance hints at a possible price reversal in the near future, especially as FTX and Alameda Research have deposited a substantial amount of ETH into major exchanges like Coinbase and Binance.
As highlighted by Spot On Chain, an on-chain analytic firm, over the past 8 hours alone, these entities added another 4,500 ETH, worth $14.4 million at approximately $3,207 per ETH. This follows a trend since March 1, where a total of 20,350 ETH (equivalent to $72.5 million) has been deposited into centralized exchanges (CEX), often preceding significant price drops in the Ethereum market.
Despite Ethereum’s price of $3,182.44 at press time, which was down by 0.69% in the last 24 hours, the 1-day Moving Average Convergence Divergence (MACD) is noteworthy. With the MACD line trading above the signal line, selling pressure is seen to be diminishing. Traders are advised to watch for a potential bullish crossover, which could signal an impending uptrend.
On the other hand, the 1-Day Know Sure Thing (KST) indicator is currently below the signal line, indicating bearish short-term momentum. However, a shift could be on the horizon if the KST begins to ascend above the signal line, suggesting a more positive market trend ahead.
These dynamics point to a nuanced situation for Ethereum traders. The RSI’s neutral stance, combined with significant ETH deposits by influential entities, sets the stage for potential market movements. The indicators highlight a balance between buyer and seller activity, with technical signals signaling a possible transition towards bullish sentiment.
Furthermore, Ethereum’s trading volume remains substantial at $11,004,632,880 over the last 24 hours. This liquidity implies ongoing interest and activity within the market despite the recent dip in price.
