Briefly

• the price of Ethereum has not fallen below $1,600 since the Ethereum Shappela Upgrade in April 2023.
• With at least some expectations of a forward movement swing, hopeful brokers have submitted dynamic requests to buy 643,000 ETH.
• According to historical data, investor comments on social media are now approaching extreme levels of FUD.

Fears that the price of Ethereum (ETH) could fall below the $1,600 support for the first time in six months have been sparked by recent price action. On-chain investigation analyzes indispensable information patterns recommending bullish dealers could exploit the developing business sector FUD.

Subsequent to breaking over the $2,000 mark in mid-July, Ethereum’s (ETH) cost has placed its second back to back month in decline. Notwithstanding Grayscale’s new Spot ETF bid triumph, the overarching feeling in the crypto markets has been overwhelmingly negative. Strategic crypto traders who take advantage of the extreme market Fear, Uncertainty, and Doubt (FUD) are the focus of on-chain analysis.

Crypto Investors’ Sentiment is Approaching Extreme FUD Levels

The majority of cryptocurrency investors are now expressing bearish sentiment after nearly two months of decline. In September, bearish perspectives have dominated the crypto market discourse, as stated by Santiment, a crypto data analytics company.

In any case, strangely, verifiable patterns propose this is an indication that the market is moving toward a defining moment.

The Social Volume graph underneath represents that “Bear Market” specifies have surpassed “Positively trending Business sector” on each exchanging day since August 31.

The number of times a crypto topic is mentioned across relevant social media channels is known as social volume. In this unique circumstance, notices of “Bear Market” ruling the online entertainment gab over a drawn out period demonstrate that financial backers are dysphoric.

Strategic investors frequently interpret market sentiment as extreme fear as the ideal time to buy the dip, causing a price rally inadvertently.

This phenomenon occurred around March 8, when extreme market FUD was sparked by the USDC de-peg and the failure of Silicon Valley Bank. Between March 11 and April 17, the price of Ethereum went from $1,430 to $2,120, a 48% increase.

The recent spike in extremely negative opinions is a crucial sign that this phenomenon may reappear in the coming days.

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Strategic Traders Have Already Placed $584 Million Buy Orders

Hopeful merchants have proactively put in purchase requests behind the faculties with at least some expectations of a forward movement swing.

Bullish traders have placed active orders to purchase 643,000 ETH for approximately $584 million, according to aggregate order books from 21 cryptocurrency exchanges. This is almost 50% more than the current sell orders, which are for 431,000 ETH.

The Exchange On-chain Market Depth chart depicts the volume of active orders that Ethereum traders have placed across prominent crypto exchanges.

The graph above shows that, despite the current bearish sentiment, there are 211,500 more ETH coins on the market than there are available.

This really intends that inside the ongoing business sector elements, Ethereum has considerable help around $1,500 – $1,600 domain. However, it is also a crucial indication that strategic traders are attempting to take advantage of the current bearish sentiment.

ETH Price Prediction: Consolidation Around $1,600 Before Breakout

From an on-chain perspective, the current levels of demand in the Spot market suggest that the price of Ethereum will likely experience significant gains if the momentum shifts in favor of the bulls. However, it will be very difficult for the bulls to reclaim the $1,800 area.

This is clearly demonstrated by the In/Out of Money Around Price data, which depicts the current Ethereum holders’ purchase price distribution.

It demonstrates that 5.04 million ETH coins had been purchased by 3 million investors at a maximum price of $1,805. They could sell early and cause an additional decline in the price of Ethereum if the market’s sentiment does not change significantly.

However, if the bulls are able to overcome that resistance level, the price of Ethereum could avoid making a second attempt at the $2,000 to $3,000 range.

However, the bears may be able to force a significant decline toward $1,400 in the unlikely event that the market FUD becomes more pronounced. In any case, 2.69 million locations had purchased 4.1 million ETH at the base cost of $1,585. The price of Ethereum may also rise once more if they decide to hold onto it.

However, the price of Ethereum could begin to move closer to $1,400 if that support level breaks.