Ethereum Price Prediction as Bears Push ETH Down to $1,600 – Time to Buy the Dip?
The Ethereum price has risen slightly to $1,629 today, representing a 0.5% increase in the past 24 hours and a 5% loss in the last seven days.
ETH has been one of numerous major tokens to have fallen over the past week as the market continues to struggle with ongoing macroeconomic uncertainty and extended delays in the evaluation of Bitcoin ETFs.
But while ETH has now dropped by 11% in the past month, its recent declines put it in a decidedly oversold and undervalued position, meaning that investors who buy now may be able to book themselves some considerable profits somewhere down the line.
Ethereum has been in a weakened position for several weeks now, but this arguably sets it up nicely for a significant rebound in the increasingly imminent future.
Most notably, ETH's 30-day moving average (yellow) is falling steeply below its 200-day average (blue), reaching a point where it needs to rebound, along with the altcoin's price.
Likewise, the coin's relative strength index (purple) remains below 40, so sooner or later it will have to mount a recovery, with buyers likely to swoop in eventually to take advantage of ETH's significantly discounted price.
But looking at its support level (green), which has been declining in recent weeks, it's possible that it may fall a little further before seeing a concerted recovery.
This caution is supported by recent transfers, with a Whale Alerts post showing that one big investor has moved around $34.7 million in ETH to Coinbase in the past few hours.
Regardless, ETH is one of the likeliest coins in the market to recover when conditions become more favorable, given just how strong its fundamentals are.
Ethereum continues to be the dominant network within DeFi and other blockchain sectors, with
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