– ETH’s technical and on-chain indicators suggest further downside in price.
– The NVT metric indicates that ETH may have been overpriced since the beginning of 2023.
– Short-term holders’ profit levels suggest a potential downturn, but not by much.
– Long-term holders’ NUPL ratio also suggests a pullback is likely.
– The decrease in ETH’s liquid supply and the increase in staked ETH could limit the extent of the downward movement.
– The ETH/USD pair shows bearish risk in the short term with an impending death cross on the weekly scale.
– Derivatives data indicates a lack of significant interest in the recent price action.
– Options data suggests a bullish bias, with a concentration of call options between $1,900 and $2,400.
– Ether’s negative selling pressure could persist for a couple of weeks, but there is potential for strong buying support at levels of $1,700 and $1,500.
