Ethereum can Aim $170 as On-Chain Volume 20% Down

Ethereum (ETH) caught in a variety of consolidations in the mid-$180 regions, guided by the inability of Bitcoin to reduce any momentum that moves it away from the lower $9,000 sector. He is negotiating for it. For the last days.

Now, analysts believe that ETH can be deployed to a rebound towards $170 in the short term, as it also faces a continuous decline in chain volumes.

Ethereum consolidation analysts point to a Downside Movement

At the time of writing, Ethereum is rising 2% to its current price of $185, indicating a slight rise from its recent lows of $177, set last week.

It is important to keep in mind that Ethereum has been caught in a trading range of between $180 and $190 in recent weeks, largely as a result of the Bitcoin consolidation battle between $9,000 and $9,500.

Although Bitcoin is traded in the short term, Ethereum may soon lead to a negative move that takes it at a price as low as $170, which is currently its "Golden Fiber ratio."

Cryptomist, a popular cryptocurrency analyst on Twitter, explained this possibility in a recent tweet, saying that ETH has a short-term goal of $ 176, while its medium-term goal is present at $ 170.

"$ ETH broke due to the increase in ETH since last month. In my opinion, the collapse is not over. The next target is at the 176.5 fiber level. I think we will go to the golden fiber ratio. 618 to $170, "he said. Pointing to the chart explained below.

ETH decrease in chain volume

One factor that could compensate for any negative movement experienced by ETH in the short term is that its volume in the chain is decreasing late, offsetting all downward movements of crypto assets. You can make it more prone to

TokenAnalyst, a popular cryptocurrency analysis group on Twitter, talked about this in a recent tweet, stating that the volume of cryptocurrencies in the chain has decreased by approximately 20% in the last 24 hours.

"24H #ETH Network Stats: Price: $ 181.82 (-0.5%). $ ETH-Chain Volume: $ 290M (-18.3%). Active senders: 238K (+ 0.5%). Active recipients: 93K (-4.4%) "He explained.
As Ethereum's chain volume decreases and bulls fail to accumulate any notable strength, there is a great possibility that cryptography will decrease even more before buying pressure increases so that its price is higher Possible