- ETH bulls might regain control after the price drops to the 0.786 Fibonacci level.
- Federal Reserve’s interest rate announcement adds a layer of uncertainty.
In the last two weeks, we observed as ETH bears brought the price down. This week the market has so far slid lower, and notably to a level where we may yet again start to see the return of some bullish momentum.
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ETH exchanged hands at $1,852 at press time and its current range may act as a pivot range. This is because the recent sell pressure pushed the price down to an important consolidation zone. More importantly, the same price zone sits on the 0.786 Fibonacci retracement line.
ETH has already bounced back at least two times from the same Fibonacci level. This suggested that we might see a bit of accumulation taking place at the same level. Note that it is near the 50% Relative Strength Index (RSI) level which suggests that there is likely to be directional uncertainty, as has been the case recently.
The Money Flow Index’s (MFI) dip, then sideways action adds to the uncertainty. On-chain data also revealed that Ethereum’s transaction count was down to its lowest level in the last four weeks.
As such, the network growth has also tanked to a monthly low. This reflected the lower transaction count on the network, in line with the observed slowdown in the market.
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Author: Michael Nderitu
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