ETH price is currently up 4% and trading around the $ 2,000 mark after hitting a 30-day low of $ 1,707 yesterday. It’s down nearly 20% and more than 53% over the past week from the ATH hit a month ago. Trading volume has increased more than 15% in the last 24 hours and is a sign of selling pressure. Even so, it remains resilient as demand grows despite falling prices.

ETH price chart | Source: Tradingview

There are currently two main arguments for the ETH price:

1. ETH is undervalued below $ 3,000 and is on the verge of an uptrend due to higher accumulation when price trades below $ 2,200;

2. According to Twitter analysis, ADA and ETH are overvalued, while ETH is currently close to $ 2,000.

Looking at the chart and resistance levels, ETH currently has a barrier at USD 2,200 so a 15% drop is likely. If so, buying at this level will result in short-term losses as the selling pressure continues to build. On the flip side, once the price rises and rebounds, it could face further challenges from the near-term resistance at $ 2,275.

To reach this level again, the price has to rise by 13%. Liquidity outside the stablecoins area on the ETH market shows that demand is growing. One metric that signals a potential downside, however, is the number of addresses lost that hit a five-month high.

ETH addresses lose money | Source: Glass knot

The number of addresses currently suffering losses based on the 7-day moving average hit a 5-month high of 6.1 million, according to Glassnode.

In conclusion, with the above indicators, the price of ETH could fall to the $ 1,800 level. However, the demand is growing and although many addresses are losing money, the trading volume supports the upward trend.

You can see the ETH price here.

Disclaimer of liability: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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