<div id="readability-page-1"><ul><li>Selling pressure on Ethereum was rising over the past few days.</li><li>The NVT ratio indicated that Ethereum was overvalued.</li></ul>Ethereum [ETH] investors were having a tough time as the bears continued to dominate the market. In fact, the latest data suggested that it might take even longer for the bulls to regain control. Let’s have a look at why it seemed likely for ETH bears to push the token’s price down further.<h2>Ethereum troublesome future</h2>CoinMarketCap’s data revealed that Ethereum bears pushed the token’s price down by more than 10% in the last seven days. The bearish trend continued in the last 24 hours as ETH’s value dipped by 1.6%. At the time of writing, Ethereum was trading at $2,486.34 with a market capitalization of over $299 billion. As per IntoTheBlock’s data, 76.8 million ETH addresses remained in profit, which accounted for 63% of the total ETH addresses. In the meantime, Ali, a popular crypto analyst, posted a tweet highlighting an interesting development. As per the tweet, the MVRV Momentum indicated that Ethereum was still in a downtrend. The bad news was that there were no signs of a trend reversal. This clearly suggested that investors might witness the king of altcoins drop further in the coming days. Therefore, AMBCrypto planned to have a closer look at ETH’s state to find out what to expect.<div id="attachment_419702"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-01-at-10.23.03AM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2166" height="1198" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-01-at-10.23.03AM.png"/>Source: X</div><h2>ETH’s possible support levels</h2>AMBCrypto’s analysis of Glassnode’s data revealed that Ethereum’s NVT ratio registered a massive spike. Whenever the metric increases, it suggests that an asset is overvalued, hinting at a price correction. <div id="attachment_419703"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/glassnode-studio_eth-network-value-to-transactions-ratio-nvt.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1800" height="1013" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/glassnode-studio_eth-network-value-to-transactions-ratio-nvt.png"/>Source: Glassnode</div>CryptoQuant’s data also revealed quite a few bearish metrics. For example, ETH’s exchange reserve was increasing, meaning that selling pressure was on the rise. Apart from that, the total number of coins transferred has decreased by -37.28% compared to yesterday. Another bearish metric was the active addresses, as it dropped in the last 24 hours.<div id="attachment_419704"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-01-at-10.28.08AM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2082" height="598" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-01-at-10.28.08AM.png"/>Source: CryptoQuant</div>Since the aforementioned datasets hinted at a continued price drop, AMBCrypto checked Ethereum’s daily chart to look for possible support zones. The technical indicator MACD displayed a bearish c crossover. Ethereum’s Chaikin Money Flow (CMF) registered a downtick.<hr/>Read Ethereum’s [ETH] Price Prediction 2024–2025<hr/>The Relative Strength Index (RSI) also followed a similar declining route, suggesting that the chances of a further price drop were high. If that’s true, then it won’t be surprising to see Ethereum plummeting to $2.28. A slip under that support level could push ETH down to $1.86 in the coming days or weeks if the bulls don’t buckle up.<div id="attachment_419705"><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETHUSD_2024-09-01_10-32-03.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="2710" height="1456" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2024/09/ETHUSD_2024-09-01_10-32-03.png"/>Source: TradingView</div></div>

ETHE

Ethereum is facing significant selling pressure, with a decline of over 10% in the past week and a recent drop of 1.6%. Key indicators suggest continued bearish trends, emphasizing that Ethereum remains overvalued, which may lead to further price corrections. Current trading stands at $1,486.34, with over 63% of addresses in profit. Projections indicate potential drops to $1,197.28 and possibly $1,097.86 if the bearish momentum continues without a reversal.

Ethereum crash alert: Why ETH might plunge to $1800 soon