• Ethereum price breaches target one at $1800, which was mentioned in July’s market bottom thesis.
  • ETH price shows an influx of deposits on all exchanges.
  • The midterm bullish forecasts are dependent on $1250 holding as support.

Ethereum price shows significant smart money interest. A sharp liquidation could occur before prices move higher.

Ethereum price is preparing for a big move

Ethereum price has displayed applause-worthy strength throughout the last few weeks. Since early June forecasts have called for a potential market bottom with bullish targets between $1800 and $2200. 

“If the bears can breach $1536, a spike into $1800 could occur,” was forecasted in July.

eth/tm/historical lows 1

ETH/USDT Historical Lows 

Ethereum price has validated the early bullish claims as it made its furs contact with the $1800 barrier on Monday August 8, 2022. 

Ethereum price currently auctions at $1712 as profit taking near the anticipated target zone unfolds. Although technicals suggest significant strength in the market, a smart money liquidation should be on every trader's radar targeting $1600 and potentially $1540.

CryptoQuant’s On-chain analysis indicators confound with the short-term bearish potentiality. According to the Exchange Net Flow Total indicator, Ethereum price witnessed a massive influx of deposits causing a 255% imbalance in the last 24 hours. According to CryptoQuant, the indicators can be used to gauge selling pressure in the market. 
 

tm/eth/8/9/22

Cyrypto Quant Exchange Netflow Total

CryptoQuants indicators suggest significant smart money involvement around the decentralized smart contract token. Ethereum price could continue rallying higher towards $1900 and potentially $2200 in the weeks to come but the Invalidation level is crucial, ETH price should under no circumstances fall below $1250. In doing so, the macro count would become problematic while dually prompting a demise towards $400, resulting in a 75% decrease from the current Ethereum price.

In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team

 

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