Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- ETH prices have stayed below $1900 since late July.
- Whales doubled down on their bids and sold off some holdings.
Ethereum [ETH] took a cue from Bitcoin’s [BTC] recovery and bounced from $1800 to $1876. However, the price reversal ahead of the July CPI (Consumer Price Index) data could clear ETH’s +4% gains tucked between 7 August – 8 August.
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ETH has struggled to climb above the $1900 zone since late July. Recent attempts to foray into the price level have faced consistent price rejections. At the time of writing, the upside after the strong BTC recovery saw it edge closer but stall near the same level.
Are more losses likely?
Source: ETH/USDT on TradingView
The price chart indicators’ readings showed little edge to bulls at the time of writing. For example, the RSI rested near the 50-neutral mark and could take any direction, illustrating eased buying pressure ahead of July’s US CPI data.
The Chaikin Money Flow printed the same “neutral” inclination at press time. It moved sluggishly above the zero mark, denoting the limited capital inflows stagnated in the last few hours.
ETH’s past price rejections were facilitated by the roadblock at $1884 – $1930 (red). But the $1817 level has been a crucial support, retested several times. Should bearish pressure persist, ETH could retest the $1817 level again or ease at the lower weekly bullish order block around $1700.
On the upside, ETH bulls could only gain an edge if they push above the $1884 – $1930 roadblock. If they manage such a fete, the $2000 will be the next target for bulls.
Whales offloading part of their holdings
Source: CryptoMeter (ETH Whale Trades on 10 August)
According to CryptoMeter, ETH whales offloaded over $350 million in sell-offs as of press time. It captures the bearish sentiment ahead of the July CPI data announcement. If whales continue shelling the altcoin, a downward move towards the $1817 could be on the cards.
How much are 1,10,100 ETHs worth today?
In the meantime, ETH witnessed $3.3 million in total liquidation in the last 24 hours, according to Coinalyze. Long positions dominated the liquidation value at >$2.3 million, with shorts only suffering <$1 million worth of wreckage.
The above trend reinforces a bearish inclination ahead of key inflation data and the weekend.