Ethereum (ETH) has been caught in a bout of consolidation within the mid-$180 region, which has been largely guided by Bitcoin\u2019s inability to garner any momentum that pushes it away from the lower-$9,000 region, which is where it has been trading for the past several days.<\/p>\n
Now, analysts are noting that ETH may be positioned for a retrace towards $170 in the near-term as it also faces an ongoing decline in on-chain volume.<\/p>\n
At the time of writing, Ethereum<\/a> is trading up 2% at its current price<\/a> of $185, which marks a slight climb from its recent lows of $177 that were set last week.<\/p>\n It is important to note that Ethereum<\/a> has been caught in a trading range between roughly $180 and $190 over the past several weeks, which is largely the result of Bitcoin\u2019s bout of consolidation between $9,000 and $9,500.<\/p>\n Regardless of how Bitcoin<\/a> trades in the near-term, Ethereum may soon incur a downside movement that takes it as low as $170, which is where its \u201cgolden fib ratio\u201d currently exists.<\/p>\n The Cryptomist, a popular cryptocurrency analyst on Twitter, explained this possibility in a recent tweet, noting that ETH\u2019s near-term target exists at $176, while its mid-term target exists at $170.<\/p>\n \u201c$ETH Broken down from rising wedge from last month. Fall is not over in my opinion. Next target is 176 at .5 fib level. I do think we will go to golden ratio at .618 fib at $170,\u201d she explained while pointing to the chart seen below.<\/p><\/blockquote>\n https:\/\/twitter.com\/TheCryptomist\/status\/94519296<\/p>\n One factor that could potential perpetuate any downside movement experienced by ETH<\/a> in the near-term is the fact that its on-chain volume has been declining as of late, which can make all crypto assets more prone to downside movements.<\/p>\n TokenAnalyst, a popular cryptocurrency analytics group on Twitter, spoke about this in a recent tweet, noting that the cryptocurrency\u2019s on-chain volume has declined nearly 20% over the past 24-hours.<\/p>\n \u201c24H #ETH Network Stats: Price: $181.82 (-0.5%). $ETH On-Chain Volume: $290M (-18.3%). Active Senders: 238K (+0.5%). Active Recipients: 93K (-4.4%),\u201d they explained.<\/p><\/blockquote>\n \ud83d\udce2 24H #ETH<\/a> Network Stats:<\/p>\n \ud83d\udcb2 Price: $181.82 (-0.5%) Visit https:\/\/t.co\/u90eafzR5J<\/a> for more info<\/p>\n — TokenAnalyst (@thetokenanalyst) November 2, 2019<\/a><\/p><\/blockquote>\nETH On-Chain Volume Declines <\/strong>\u00a0<\/strong><\/h2>\n
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\ud83d\udcb5 $ETH<\/a> On-Chain Volume: $290M (-18.3%)
\ud83d\udc48 Active Senders: 238K (+0.5%)
\ud83d\udc49 Active Recipients: 93K (-4.4%)<\/p>\n