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Ethereum price increased above $3k into ‘red zone’

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Ethereum’s local asset Ether (ETH) increased higher than $3,000 in a long upside rally on Aug 7. Reaching a three-month high. Nonetheless, the cryptocurrency’s exceptional move upside increased its chances of going through a bearish backlash.

Ethereum’s local asset Ether (ETH) increased higher than $3,000 in a long upside rally on Aug 7. Reaching a three-month high. Nonetheless, the cryptocurrency’s exceptional move upside increased its chances of going through a bearish backlash.

According to an on-chain indicator this gives details about the total percent of Ethereum addresses in profits which forecasted the downside result. Hence, the so-called “Ethereum: percent of Addresses in profits” pointed out by Glassnode reached 96.4% in between the ETH/USD price rally. Lex Moskovski, chief investment officer at Moskovski Capital mentioned the metric’s strength of forecasting Ethereum top. Also, whenever the Glassnode indicator crossed the 90% threshold, it ended up in profit-taking among Ether investors. “We are back to the red zone, historically associated with local tops,” said Moskovski. 

Moskovski believes the outlook mentioning the trader’s intention to hold ether most importantly due to the aspects surrounding a software upgrade that has added deflationary pressure to ETH. The positivity surrounding the London hard fork stems from the increasing shortage would make this digital asset more valuable in the long run, mostly against an increasing demand. The London upgrade will divide 13,000 new Ether tokens issues to pay for miner’s gas fees into three parts. One happens to be the base fee that users pay to conduct ETH transactions.

Moskovski said that the traders could find holding Ether more useful than safe interim profits as ETH/USDT now trades 79.82% above its July 20 bottom of $1,718. The technical indicators highlight a higher sell-off probabilities in the short-term. Ether’s most recent run-up higher than $3,000 also pushed its daily relative strength Index (RSI) into an overbought region. It helps traders to calculate an asset’s trend speed to evaluate its overbought and oversold situation. Basically, traders break down a reading higher than 70 as overbought and it is a point to sell the asset. All the while a decreasing wedge breakout basic last by as much as the complete ETH chart sees its profit target somewhat near $3,250. 

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