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Ethereum reached the important psychological target of $2000 thanks to the successful preparation of the main network for the PoS protocol. At the moment, Ethereum reached the level of $2000, after which it began to decline due to increased selling pressure. The situation of the main altcoin is similar to the upward movement of Bitcoin. Market leaders have reached important milestones, but expectedly failed to overcome them due to a number of factors. Bitcoin lacked fundamental reasons to maintain an upward direction, and this partly negatively affected the ether quotes.
The correlation of Bitcoin and Ethereum remains at a high level, despite a significant increase in the investment attractiveness of the altcoin. The level of BTC dominance is still above 40, and therefore the influence of the main cryptocurrency on the rest of the market remains significant. Given this, we can conclude that the dependence of Ethereum on Bitcoin and the failure of the latter to storm $25k became the reasons for the decline in the cryptocurrency market. However, the co-dependence of ETH and BTC only partly contributed to the decline of Ethereum.
Ethereum began to decline due to excessive overbuying. Even though Ethereum has fundamental reasons for growth and the attention of institutionalists, the price of the asset grew faster than new unique addresses appeared. Large investors masked the problem of declining trading activity by pouring large amounts of funds into ETH. In addition, Ethereum has become the main asset for short-term investors. This negatively affected the general state of the cryptocurrency, as the ETH market was filled with large amounts of borrowed funds. All these factors led to the fact that Ethereum was overbought and needed a healing correction.
It is this process that we observe on the daily chart of the cryptocurrency. ETH/USD successfully reached the $2000 level but was expectedly stopped by a large cluster of sell orders and broke even. The failed breakout of $2000 was the catalyst for increasing the pace of the altcoin's correction. As a result, the relative strength index began to decline, left the overbought zone, and is at the level of 60 as of this writing. The stochastic oscillator has formed a bearish crossover and started a sharp downward peak. The metric is also around the 60 mark. The MACD indicator is moving flat, but there are all prerequisites for the formation of a bearish crossover, which will become a negative factor for the market.
Ethereum has a fundamental positive that can facilitate a corrective movement. Despite this, the main metrics have just begun to decline to acceptable levels, and therefore there is every reason to believe that the correction may drag on for a whole week. The main target for the downward movement of the cryptocurrency will be the level of $1750–$1800. There is a strong support zone and a significant cluster of buy orders here. Given the bullish sentiment of investors, there is every reason to believe that Ethereum will complete the corrective movement near this area, after which it will move on to consolidation.
The Ethereum Foundation team also understands the local overheating of the asset and is gradually launching positive news into the market that supports the positive mood of investors. The final date for the merger of ETH 1.0 and ETH 2.0 is September 15–16. This suggests that, fundamentally, Ethereum will be completely safe for at least another month. With this in mind, there is no doubt that the current correction is of a healing and local nature.
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