- Ethereum hovers at $1,623.50 at the time of writing.
- The price of the coin increased by 2.46% within 24 hours.
- There is less market inflow to exchanges for Ethereum.
As of early September, the number of Ethereum addresses making inflow transactions into exchanges has reached a 1-month low. There are a total of 2,423.917 addresses for the month.
This observation indicates a decline in interest and activity in exchange trading, which may reduce volatility. However, the address count outflow should still be considered to ascertain the current market volatility.
Looking at the hourly chart of Ethereum, the price has been consolidating in the last bear flag, and when it breaks out of the flag, it dropped as low as $1,526 within 24 hours. Ethereum was in an uptrend, but as soon as it broke out of the flag, the trend reversed into a bearish trend.
After the trendline touched the support zone at $1,436-$1,417, the bears couldn’t push the market, and the price bounced up. The price is now consolidating again in another bear flag. The pattern is forming a bear flag; the price is above the 200 moving average line indicating the price has shown a bullish signal.
The relative strength index of ETH/USDT is around 57.98, indicating that the price still has more room for buyers to buy and hodl Ethereum before the bull run begins. During the past 24 hours, we can see that the buyers started to put order blocks at $1,524 and started buying.
The Keltner Channel signals for ETH/USDT on the 1-hour chart can help beginners anticipate future BTC prices. Since the price is still on the upper side of the channel, the current slight bullish trend may continue for a little longer. The reward-to-risk ratio can be improved by waiting for a downturn or a better entry.
According to Coinmarketcap, there are 122,209,974 ETH in circulation at the time of writing, with a price level of $1,623.50. In the preceding twenty-four hours, $15,002,553,964.68 worth of Ethereum was exchanged. In addition, the price has risen by 2.46 per cent in the past 24 hours.
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