On a daily chart, ETH holders began to exit trading positions when prices fell on 17 August—increased sell-offs amongst daily traders since caused key momentum indicators to plummet to oversold lows at press time.
For example, ETH’s Relative Strength Index and its Money Flow Index were 26.10 and 15.07, respectively, at the time of writing. Likewise, the coin’s On-Balance Volume began its descent on the same day. At 24.03 million at press time, it has since fallen by 1%. When an asset’s OBV declines, it indicates that the buying pressure on the coin is decreasing.
It also signaled a decline in the asset’s trading volume. This, coupled with a price decline, as is the case here, suggested significant bearish conditions, making it difficult for the price to rebound.As the alt’s price fell, its transactions also became less profitable. For example, ETH’s Market Value to Realized Value ratio dropped from 16.18% on 16 August to 5.23% at press time.
Likewise, the coin’s ratio of daily on-chain transaction volume in profit to loss dwindled in the past few days. At 0.75 at press time, this showed that, on average, the transaction volume associated with profits is lower than that associated with losses.
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