The combination of the 30-day MVRV ratio and mean coin age flashed a buy signal for Ethereum, even as prices crashed below the $3.5k support.
The momentum and selling pressure were rising steadily and could force more losses.noted losses of 7%-8% each, and a deeper drop appeared likely. The $3.5k level was a key short-term support for ETH.was brewing. If it came to fruition, a drop to $2.8k could be on the cards. Will the bears fulfill this prediction?AMBCrypto highlighted the pennant formation in white. Based on the length of the flagpole, a drop to $2.6k could commence. The $2.8k-$2.
Hence, it could serve as support on the way down and repulse the bears. The $3.1k region was also a lower timeframe bullish order block which saw a significant reaction from the price earlier this month. The trading volume has decreased over the past two weeks as Ethereum formed a bearish pattern. The break beneath the rising trendline confirmed the pattern was playing out. A fall below $3056 will flip the market structure bearishly on the 12-hour chart.AMBCrypto’s analysis of some of Ethereum’s on-chain metrics noted positive findings for investors. The 30-day MVRV ratio has been below zero since 18th March, showing an undervalued asset.Together, it was a strong buy signal.
The total Open Interest fell alongside the price to indicate short-term bearish sentiment. However, the evidence at hand showed that a drop to $3.1k or $2.6k would still present a buying opportunity for long-term holders.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.
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