Ether death cross threatens more downside as ETH price trades at a key support level

The extent of this downward movement could be restricted, considering the earnings levels of existing holders and the decline in ETHs liquid supply.ETH on-chain analysis recommends more downsideSince the beginning of 2023, Ethereums network value-to-transaction worth (NVT) metric has suggested that the asset might have been overpriced.Glassnodes NVT signal gauges the relative worth of the Ethereum network by comparing the market rate to the volume of on-chain deals. Source: GlassnodeNevertheless, the revenue levels of short- and long-term holders suggest that the decline could be restricted.Ethers unfavorable rate action generally reverses when the net unrealized profit/loss (NUPL) metric of short-term holders is negative, implying short-term holders are in losses. In 2022, ETH quickly recovered below the realized price metric as the profit levels of long-term holders dropped into unfavorable territory.The on-chain metrics reveal that the price might suffer some selling pressure from short-term holders and panic offering from investors alarmed by relatively lower levels of activity in 2023. The earnings levels of brief- and long-term holders recommend that the slump may not extend far enough and the cost could discover assistance above the $1,500 level.Related: Crypto investors cool on Bitcoin funds, turning to Ether and XRPETH/USD price analysis Technically, the ETH/USD pair reveals bearish threat in the short term with an upcoming death cross on the weekly scale. As the expiration date techniques, it is most likely that the price will remain subdued around the maximum pain level for alternatives buyers, which is at $1,850.

Source: GlassnodeNevertheless, the revenue levels of short- and long-lasting holders recommend that the slump could be restricted.Ethers unfavorable price action usually reverses when the net latent profit/loss (NUPL) metric of short-term holders is unfavorable, suggesting short-term holders are in losses. In 2022, ETH quickly recovered listed below the understood price metric as the revenue levels of long-term holders dropped into unfavorable territory.The on-chain metrics reveal that the rate could suffer some selling pressure from short-term holders and panic offering from financiers alarmed by fairly lower levels of activity in 2023. The profit levels of short- and long-term holders suggest that the downturn might not stretch far enough and the cost could discover assistance above the $1,500 level.Related: Crypto investors cool on Bitcoin funds, turning to Ether and XRPETH/USD rate analysis Technically, the ETH/USD set reveals bearish risk in the short term with an impending death cross on the weekly scale.
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