Ethereum price may have slowed down its downtrend

 Ethereum price might have slowed down its decline however, it's still deep in the uncertain waters. With strong support in the range of $1,200 to $1,300 the biggest smart contract token is now focusing on closing the day at or above $1,400. However, bulls have a ways to take, particularly as they battle the congestion of sellers at $1,350.

Ethereum price may have slowed down its downtrend

Ethereum price began to lose ground just a few days prior to its software upgrade, also known as the Merge. The data from the on-chain of Glassnode indicates that large volumes of investors were the main reason for sales pressure.

Addresses that have 1000 or more ETH was down to 6,356 on the 22nd of September just days after a peak at 6,516. The chart below shows that these whale addresses aren't yet ready to be able to stop their dumping. There are currently 6,329 addresses that belong to this group.

Despite Ethereum price confirmation of support between $1,200 to $1,300, it hasn't made significant gains to the upward direction. The pressure of the whale addresses mentioned above could hinder ETH from making strides north up to $2,000.

On contrary bulls generally are in control, but they lack the strength to continue their move beyond the channel's middle boundary support at $1,350. A close look at this MACD (Moving Average Convergence Divergence) indicates an imminent buy signal.

Buyers have to wait for the 12 day EMA (Exponential Moving Average red) to be above the 26-day EMA (blue) before they can confirm purchase orders. The MACD's move over that line (0.00) may confirm the Ethereum price trend upwards.

It is the OBV (On Balance Volume) is a different instrument traders can utilize to verify whether the market is likely to continue growing. It makes use of volume flow to forecast the changes in asset prices. As volume rises it is possible that it is possible that the OBV "as a spring being wound tightly," could signal a breakout.

At present an upward break above the channel's thruline might open the way to another move towards $1,400. From this point, Ethereum price would be more likely to make a climb to $2,000. Be aware that as prices rise it is likely that speculation will be higher across the board - as more investors bet on a steady price rise.

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