The analyst warns that the price of ETHEREUM may be suspended to 1060 dollars, here is the reason

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Ethereum price suffers from a long -term direction, raising fears between investors and analysts. The latest technical analysis indicates that the price of encoded currency may decrease more, and may reach $ 1060. Multiple factors, including the weak market structure, the lack of bullish momentum, and negative data on the chain, affect the descending movement.

Ethereum price faces a constant rejection when resisting $ 4000

According to the price Cup analysisETHEREUM failed to break the resistance level of $ 4000 three times in this course. Every rejection led to an additional decrease, as the last shrinkage of the cryptocurrency was below the medium -term level. The price is also being traded without supporting the upper trend line, which has been keeping since the bottom of the previous session.

Analysts warn that Ethereum can continue to decrease if it does not recover $ 2,500 in the short term. Another decrease lower than the current ETH levels can be offered a possible decrease of about 1060 dollars, as the low range is placed. The lack of strong support indicates that the descending movement remains a strong possibility.

Market data indicates that the price of ETHEREUM is still under downside. Altcoin did not show signs of a solid bottom, which raises the risk of prolonged losses. Without a strong recovery over the resistance levels, the declining direction may continue.

The ETH/BTC pair remains in a declining direction

In addition, the ETH/BTC trading pair was weak, indicating a weakness in the relative strength of ETHEREM against Bitcoin. The RSI is on a three -day chart of less than 30, a level often indicating the sale conditions. However, historical trends show that excessive sales levels did not always distinguish a final bottom of Ethereum.

Since mid -2014, ETH/BTC has recorded multiple turns, with a 13 % decrease, 21 %, 25 % and 19.5 %. Little moving averages last for 50 days and 200 days (EMAS) in the direction to the bottom, which enhances the downward view.

In addition, the Carpetom analyst indicated that ETH/BTC has not yet confirmed the upscale difference of his weekly scheme, which also indicates that the price of ETH may struggle to find support.

Low ETF flows and weak activity on the chain

Since the beginning of the year, the boxes on the stock exchange on ETHEREUM (ETFS) in the United States have seen fixed outputs. In March 2021, net assets Eter ETHER boxes decreased 9.8 %, up to $ 2.54 billion. On the other hand, Bitcoin’s investment funds have suffered a slight decrease of 2.35 % to 35.74 billion dollars. This difference indicates that the managers of institutional funds lose their interest in al -peremium.

Moreover, there is a decrease in the use of the network that is evident from the data on the chain. It should be noted that the average gas fee has decreased on the main circle and fluctuation at about 1.12 GWEI in March. This is much lower rotation rate compared to the previous calendar year, which means that there is less treatment on the network.

Technical analysts believe that the future performance of Ethereum does not look good because it remains less than some of the main levels. The next level of support is $ 1060, mixing with the minimum long -term trading range.

As of the writing of these lines, Altcoin is traded at $ 1,923.03, which is 27.81 % low over the previous month. Despite the market value of 231.96 billion dollars, the continuous declining trend indicates the continued pressure pressure.