Ethereum on thin ice: It can ignite the closure of less than $ 2,200, a decrease to $ 1500
Ethereum decreased by 24 % this week, as the collapse of the decisive support level of $ 2200. The fall is now almost 50 % diving from the last 4100 dollar elevation of the highest level in the late 2024.
Currently, ETH is trading with a market value of $ 2,132, with a warning of more severe correction in the weekly scheme.
Futures market: bears in control?
in Futures marketA long period of time is 0.9384, which reveals a little larger than the pipelines in playing. Moreover, the bulls are forced to push as well as their long positions.
This depends on the financing rate, which is 0.0048 %. The open interest decreased by 10.16 % to 19.15 billion dollars. Moreover, the long liquidation has increased to $ 186 million, with a total liquidation of $ 218 million over the past 24 hours.
Foreign flow institutions empty Ethereum?
Amid low ETH prices, Institutional support For ethereum in the direction of a decrease. On February 27, the net net flow of ETH ETH in the American market recorded an external flow of $ 71.08 million.
While the majority of the circulating investment funds maintained the net zero flow, Blackrock emptied $ 26 million in the market. Fidelity followed $ 25.45 million in the external flow, with gray sought nearly $ 20 million.
This represents the sixth consecutive row of Ethereum since February 20.
ETH price analysis reveals the chances of collapse
With the collapse of $ 2,200, the ETH price is now trading at the last time seen in September 2024. However, in September 2024 and August 2024, ETHEREUM managed to apostasy while rejecting the price decreased from this decisive level.
Currently, ETH is traded below this level and hints in a possible closure below this. This will determine the collapse of the level of decisive support and may lead to Ethereum surrender.
Macd signal lines in the weekly graph gave a landing cross. Moreover, the RSI line is below the mid -road level and approaches the boundaries of the sale. Thus, technical indicators maintain a signal for ethereum.
The main support levels for Ethereum
Based on the basic procedure analysis, the decisive support for ETHEREUM under $ 2,200 is the psychological MAR $ 2000. Followed by the critical level of support at 1542 dollars.
The last time ETH price was $ 1542 in October 2023. Then, closing less than $ 2200 by the end of this week will hint to a possible collapse in ETH prices.
