{"id":119918,"date":"2023-07-09T08:32:43","date_gmt":"2023-07-09T08:32:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/is-ethereum-awaiting-another-price-correction-crypto-news\/"},"modified":"2023-07-09T08:32:47","modified_gmt":"2023-07-09T08:32:47","slug":"is-ethereum-awaiting-another-price-correction-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/is-ethereum-awaiting-another-price-correction-crypto-news\/","title":{"rendered":"Is Ethereum awaiting another price correction? \n &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\t\t\t\t\t\t<br style=\"clear: both; display: block; float: none;\"\/><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">ETH&#8217;s price declined by more than 2.4% in the last seven days.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Market indicators and metrics remained bearish on the coin.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Over the last week,<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/search\/eth\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH]<\/span><\/a><span style=\"font-weight: 400;\">  The price witnessed a decline as it once again went under the $1,900 mark.  The latest data revealed that things can get even worse if selling pressure continues to rise.  Checking the token&#8217;s daily chart gave more reasons for concern as the possibility of ETH&#8217;s price plummeting further seemed likely. <\/span><\/p>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">read<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum&#8217;s [ETH] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\">  2023-24<\/span><\/p>\n<hr\/>\n<h4><strong>Ethereum&#8217;s latest price correction<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">The king of altcoins managed to cross $1,900 last week, but it couldn&#8217;t sustain the pump and soon fell.  as per<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, ETH&#8217;s price plummeted by more than 2.4% in the last seven days.  At the time of writing, it was trading at $1,870.54, with a market capitalization of over $224 billion. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">On top of that, Lookonchain&#8217;s recent tweet pointed out that Justin Sun sold his ETH holdings.  As per the tweet, Justin Sun transferred 23,000<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/as-ethereum-nfts-grow-heres-what-you-should-consider\/\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">which was worth more than $43 million, to Poloniex.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Justin Sun transferred 23,000 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$ETH<\/a> ($43M) to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Poloniex?src=hash&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#poloniex<\/a> ~10 minutes ago.<\/p>\n<p>Justin Sun transferred a total of 67,500 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&#038;src=ctag&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">$ETH<\/a> ($126M) to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Poloniex?src=hash&#038;ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">#poloniex<\/a> in 7 transactions over the past year.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/VTN13dGJ1q\" data-wpel-link=\"external\">https:\/\/t.co\/VTN13dGJ1q<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/fYa4bBI8DS\" data-wpel-link=\"external\">pic.twitter.com\/fYa4bBI8DS<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/lookonchain\/status\/1677525194183942144?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\">July 8, 2023<\/a><\/p>\n<\/blockquote>\n<p><span style=\"font-weight: 400;\">Considering this dump, the probability of a continued sell-off seemed high.  However, it did not affect sentiment around Ethereum, as evident from the rise in its weighted sentiment.  In fact, Ethereum&#8217;s popularity rose as its social volume went up. <\/span><\/p>\n<div id=\"attachment_326096\" style=\"width: 3850px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023.png\" data-wpel-link=\"internal\"><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326096\" class=\"wp-image-326096 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.30.09-09-Jul-2023-2048x693.png 2048w\" sizes=\"auto, (max-width: 3840px) 100vw, 3840px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-326096\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<h4><strong>Selling pressure on Ethereum is high<\/strong><\/h4>\n<p><span style=\"font-weight: 400;\">Glassnode Alert&#8217;s<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1677833885789323265?s=20\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\">  revealed that Ethereum&#8217;s exchange outflow recently reached a 1-month low.  The metric clearly revealed that investors were not buying the token.  This was further proven by CryptoQuant&#8217;s<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/asset\/eth\/summary\" data-wpel-link=\"external\"> <span style=\"font-weight: 400;\">date<\/span><\/a><span style=\"font-weight: 400;\">, which pointed out that ETH&#8217;s exchange reserve was increasing, meaning that it was under selling pressure.  Its net deposits on exchanges were also high compared to the last seven days, suggesting that investors were selling their holdings. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per Santiment&#8217;s chart, Ethereum&#8217;s MVRV Ratio and velocity both plummeted last week, which were bearish signals.  However, the supply held by top addresses registered a slight uptick in the same period. <\/span><\/p>\n<div id=\"attachment_326097\" style=\"width: 3850px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326097\" class=\"wp-image-326097 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"3840\" height=\"1300\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-2048x693.png 2048w\" data-lazy-sizes=\"(max-width: 3840px) 100vw, 3840px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326097\" class=\"wp-image-326097 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023.png 2560w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-300x102.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-1024x347.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-768x260.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-1536x520.png 1536w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/Ethereum-ETH-10.36.33-09-Jul-2023-2048x693.png 2048w\" sizes=\"auto, (max-width: 3840px) 100vw, 3840px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-326097\" class=\"wp-caption-text\">Source: Santiment<\/p>\n<\/div>\n<hr\/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green?  check the<\/span><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/calculator\/ethereum-profit-calculator\" data-wpel-link=\"internal\"> <span style=\"font-weight: 400;\">Ethereum Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">   <\/span><\/p>\n<hr\/>\n<h4><strong>The bears have taken over<\/strong><\/h4>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ambcrypto.com\/ethereum-eth-fees-spike-thanks-to-this-mysterious-project\/\" data-wpel-link=\"internal\"><span style=\"font-weight: 400;\">ETH<\/span><\/a><span style=\"font-weight: 400;\">&#8216;s MACD displayed a bearish crossover, suggesting the sellers were leading the market.  The Relative Strength Index (RSI) took a sideways path near the neutral mark, which looked bearish. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">A<\/span><span style=\"font-weight: 400;\">Additionally, Ethereum&#8217;s Money Flow Index (MFI) went down, further increasing the chances of a price decline in the coming days. <\/span><\/p>\n<div id=\"attachment_326098\" style=\"width: 1825px\" class=\"wp-caption aligncenter\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02.png\" data-wpel-link=\"internal\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326098\" class=\"wp-image-326098 size-full\" src=\"data:image\/svg+xml,%3Csvg%20xmlns=\" http:=\"\" alt=\"\" width=\"1815\" height=\"815\" data-lazy-srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02.png 1815w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-300x135.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-1024x460.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-768x345.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-1536x690.png 1536w\" data-lazy-sizes=\"(max-width: 1815px) 100vw, 1815px\" data-lazy-src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02.png\"\/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-326098\" class=\"wp-image-326098 size-full\" src=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02.png\" alt=\"\" width=\"1815\" height=\"815\" srcset=\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02.png 1815w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-300x135.png 300w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-1024x460.png 1024w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-768x345.png 768w, https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/07\/ETHUSD_2023-07-09_10-39-02-1536x690.png 1536w\" sizes=\"auto, (max-width: 1815px) 100vw, 1815px\"\/><\/noscript><\/a><\/p>\n<p id=\"caption-attachment-326098\" class=\"wp-caption-text\">Source: TradingView<\/p>\n<\/div><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ETH&#8217;s price declined by more than 2.4% in the last seven days. Market indicators and metrics remained bearish on the coin. Over the last week, Ethereum&#8217;s [ETH] The price witnessed a decline as it once again went under the $1,900 mark. The latest data revealed that things can get even worse if selling pressure continues [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":119919,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-119918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=119918"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119918\/revisions"}],"predecessor-version":[{"id":119920,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/119918\/revisions\/119920"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/119919"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=119918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=119918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=119918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}