Ethereum’s price has stagnated over the last 24 hours, with the second-largest coin trading between $1,622 and $1.638.
The price action mirrors what has mainly been seen across the broader cryptocurrency market, with most large coins failing to post significant changes.
With no major developments reported around Ether, volatility will likely remain relatively low, and no significant price swings will be witnessed in the coming week.
A recent report by CoinShares ranked Ethereum as the least-loved digital asset among ETO investors in 2023. ETH’s year-to-date outflows totaled $108 million, representing 1.6% of the assets under management.
As such, investor sentiment remains relatively low, and a strong price action in the coming week is unlikely.
Ethereum Might Rally After Rejections From $1,550
Ethereum’s seven-day low stands at $1,540. ETH bounced from these levels severally despite bears attempting to drop the price further.
Ethereum bouncing from these levels shows the token moving from the sell-side liquidity, which is now gaining toward the buy-side liquidity.
If traders start accumulating at the current price, ETH will likely gain towards $1,800 and possibly touch the $2,000 levels posted in July.
This bullish thesis will be invalidated if ETH drops and the price touches the $1,580 level.
Buyer Support Remains Low
Support from buyers remains significantly low, which could see the price continue to stagnate at the current levels.
The Relative Strength Index (RSI) at 39 shows weak buyer momentum. Additionally, the RSI line is tipping south, indicating some selling activity.
The Awesome Oscillator (AO) on the negative further strengthens the bearish thesis.
With ETH trading below its 50-day, 100-day, and 200-day simple moving averages (SMAs), the price action will likely remain weak in the coming week.
Ethereum’s Net Supply Drops One Year After Merge
On September 15, 2022, Ethereum implemented the crucial Merge upgrade that saw Ethereum switch from a proof-of-work to a proof-of-stake blockchain. Among the benefits of the merger was a reduction in ETH’s supply.
Since the Merge, Ethereum has minted 680,455.31 ETH and burned 980,377.87 ETH, leading to a net supply reduction of 299,922.50 ETH. As such, Ether’s supply has declined by 0.249%.
If Ethereum had not upgraded to a PoS network, the net supply could have increased by over 3.8 million or 3%.
Wall Street Memes Presale Enters Final Week With Over $25M Raised
The Wall Street Memes presale easily ranks as one of the best-performing presale events 2023. The presale has already raised more than $25 million.
The WSM team already has tier-1 exchange listings lined up. According to the presale website, only eight days are left before the token is listed on exchanges, which will see the price explode.
Wall Street Memes is one of the largest communities in the crypto industry, boasting high social engagement levels. The WSM token seeks to legitimize the loyal supporters of this movement.
Ends Soon – Wall Street Memes
- Early Access Presale Live Now
- Established Community of Stocks & Crypto Traders
- Featured on Cointelegraph, CoinMarketCap, Yahoo Finance
- Rated Best Crypto to Buy Now In Meme Coin Sector
- Team Behind OpenSea NFT Collection – Wall St Bulls
- Tier One Exchange Listings September 27
- Tweets Replied to by Elon Musk