The Coin界网 reports: Sellers have taken control of Ethereum’s price direction, indicating that the price may fall below $3000. The daily realized cap has fallen, suggesting that if this trend continues, the market may lose confidence. Ethereum (ETH) prices may potentially fall below $3000 for a second time in a matter of days, according to data from AMBCrypto derived from cumulative volume delta (CVD). On the ETH/USD daily chart, the on-chain CVD has dropped into negative territory. CVD tracks the difference between buying and selling volumes of cryptocurrencies over a period of time. Buyers are struggling to bear the pressure. When the value is positive, there are more holders of buys than sells; this means that the price of the cryptocurrency may rise in the short term. However, when it is negative, it indicates that sellers are in the dominant position. In such a case, it is difficult for the price to rise. As of this writing, the price of altcoin is $3012. Before that, ETH had tried to push above $3100, but bears rejected this move. However, aside from CVD, other indicators suggest that cryptocurrencies may need some time to fully recover. One such dataset is the Mean Coin Age (MCA). MCA is the average age of coins on the blockchain. When it increases, it means that old coins are re-entering circulation, thus increasing the possibility of selling. However, a decrease in coin age suggests that holders are avoiding selling, instead choosing to hold assets in non-custodial wallets. More old coins, more problems. As of the time of writing this article, ETH’s 90-day MCA has increased from 36.50 days to 37.12 days. This increase means that there is an increase in trading activity involving cryptocurrencies. Since the price is below the level on July 6th, this means that most exchanges ended transactions with selling. If this situation continues, the price of Ethereum may fall below $3000. Additionally, if buying pressure does not match the increase, the price may fall to $2881, like on the fifth day. Apart from the aforementioned situations, the realized cap is consistent with predictions. The realized cap represents the comparison of the last value moved for each coin with its trading value. As a measure of the collective cost basis, the daily realized cap has dropped to $5.5945 billion. This decline means that ETH has caused some holders to incur unrealized losses. If this situation continues, the broader market may lose confidence in Ethereum, which could lead to a decrease in demand for cryptocurrencies. If this is the case, prices may fall as previously mentioned. Is your portfolio green? Check the Ethereum Profit Calculator. Interestingly, as long as ETH remains in a bull market, this downturn also provides buying opportunities. However, the results of this change may not be reflected in a few days or weeks. But in the long run, the price of Ethereum may rise.
