Ethereum (ETH) Analysis: Struggling to Maintain Bull Market Trajectory

Ethereum's Current Standing

Altcoin analysis exposes that Ethereum's (ETH) price continues to struggle, hinging on vital support levels. If these key levels fail to hold, a prolonged bearish period may ensue. Recent market activity suggests Ethereum (ETH) could be bidding farewell to this bull market cycle.

Indicators Signal Potential Bearish Trends

Six months ago, Ethereum’s Market Value to Realized Value (MVRV) Long/Short Difference peaked at a yearly high of 55%. This indicator, crucial during bull markets, delineates whether short-term holders are in profit compared to long-term holders.

• Rising MVRV indicates long-term holder advantage.
• A drop into negative territory signals potential sell-off from long-term holders.

Currently standing at 2.08%, long-term ETH holders are showing signs of exiting profitable positions. Should this trend continue, expectations for Ethereum reaching five digits this cycle appear overly optimistic.

Market Sentiment Shifting

Another concerning metric is the Balance by Time Held, which reflects the holding duration of participants. An increasing balance often signals confidence in a bull cycle. However, Ethereum’s balance held over the past 30 days has grown, suggesting declining confidence among holders.

Price Resistance and Future Projections

Ethereum (ETH) price predictions remain grim; the Moving Average Convergence Divergence (MACD) indicates ongoing bearish momentum. The MACD assesses momentum via the 12 and 26-day Exponential Moving Average (EMA).

• ETH must stay above $2,220 to avert significant price drops.
• A potential decline below $2,000 seems increasingly likely.

Consistent buying pressure may stabilize Ethereum, potentially leading to jumps toward $2,536 or $2,974, though the bear market risks loom large.