Will We Witness 40% ETH Price Fall?

The second largest crypto in the world, Ethereum, has been on a rough ride since the last 30 days trading period. Also, its present value is nearly 7% lower than the monthly high and a bit under the levels it had before the crash.

Investors might worry about ETH’s drops, but based on how its price is moving, there seems to be an improvement in the effort to recover.

Ethereum Price Action

Ethereum’s value has decreased since July 14, when it quickly increased to $2,030. Then, by July 24, it dropped to $1,833, a decrease of 9.62% in just ten days.

The bearish momentum has persisted in the last 30 days, shedding off over 5.26%. Even though the market has been amid bears, ETH has stayed above the $1,800 support level. 

This implies that it’s unlikely to fall much more from this point. Additionally, the daily chart provides more details about where the asset might go next.

ETH/USDT Daily Chart

Looking at the chart, the ETH/USDT pair oscillates between $1,800 and $1,900, waiting for a significant breakout to the top or below.

The coin is trading above its 200-Day Simple Moving Average (SMA) but below the 50-Day SMA, implying a mix of things for traders and investors. The 200-Day SMA looks at the coin’s performance over a long time, and being above it shows overall strength. 

However, being below the 50-Day SMA, which looks at the shorter term, hints at short-term weakness or a pause.

This situation can signal a consolidation phase, where the coin decides its next move. Traders should be careful as there could be more price swings during this time. With added pressure from the bulls, ETH could break the 50-Day SMA and extend to $2,028.

However, if the bullish momentum fades and bears take control, Ethereum could drop below the 200-Day and tag the $1,627 support level. The Relative Strength Index at 46 suggests that the market is balanced, indicating that the performance is neither bullish nor bearish.

Meanwhile, an RSI value below 30 will signal a potential trend reversal, and the price may rebound. In addition, the MACD is above the signal line, but the green histogram bars are fading, so traders should be vigilant.

It suggests that the strong momentum might be losing its power, indicating a possible slowdown in price movement. Monitoring other indicators and staying informed about market conditions is essential to make well-informed trading decisions.

Factors That Could Influence Ethereum Price

As reported by Glassnode, the count of addresses with over 10,000 Ethereum coins has recently hit a point not seen in 2 years, reaching a low of 1,100. This mirrors a past 2-year low of 1,101 recorded on August 11, 2023.

📉 #Ethereum $ETH Number of Addresses Holding 10k+ Coins just reached a 2-year low of 1,100

Previous 2-year low of 1,101 was observed on 11 August 2023

View metric:https://t.co/paW9ojeWBw pic.twitter.com/tpCZVicRMm

— glassnode alerts (@glassnodealerts) August 14, 2023

This decrease in the number of addresses holding significant amounts of Ethereum (10k+ coins) might indicate a concentration of Ethereum among fewer holders. 

Such a trend could influence price dynamics as supply and demand factors play a role. If fewer addresses hold large amounts, it could lead to increased scarcity, potentially impacting upward price pressure if demand remains or rises.

Ethereum Alternative Lighting Up Metaverse

While ETH shows some price volatility, investors can shift their attention to Pikamoon, the trending Metaverse game set to rule the Web3 space. 

Setting itself apart from rivals, PIKA’s dedication to sustainability aligns with a wide range of investors. Ready for achievement, it’s in a position to influence the cryptocurrency market and the environment significantly.

Welcome to The Ultimate Gaming Hub

Pikamoon is a high-definition, captivating Metaverse game where players battle in the Pikaverse to protect their lands. This game draws inspiration from Pokemon but adds Web3 technology to unleash a new experience for gamers.

Pikamoon offers its users benefits if they hold the native $PIKA tokens. These benefits include free access to NFTs within the ecosystem for token holders, with 18,012 NFTs set to be distributed among early investors. 

Also, there is an in-game marketplace where users can trade several assets, acquire weapons, spells and boost their character’s health. Also, virtual lands are available for purchase in the market. 

Pikamoon is secured and audited by Coinsniper, a testament to its transparency and user protection policy. 

PIKA Presales

PIKA is in the third and final presale stage, offering investors a late opportunity for token accumulation. 1 PIKA token is worth $0.0006 at this stage. 

Over 11.46 billion tokens were sold out of its target of 15 billion, and $3.87 million was raised. Investors are stocking up on these tokens due to the rising relevance of Metaverse-based games and the exciting roadmap. 

Users can purchase $PIKA by connecting a secure wallet and using ETH to buy the desired tokens. 

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