The price of ETHEREUM decreased by another 13 % over the past week. During the Asian Monday hours, the pioneering altcoin decreased to $ 1,997 – the lowest level since December 2023.
With an increased declining bias, the cryptocurrency may soon slip below the decisive support level of $ 2000 again.
ETH sale rises with 50 % of the losses of losses
ETH/USD evaluation reveals that Altcoin is circulating largely less than Ichimoku cloud and has done it since January 25.
At the time of the press, the extended pioneer A (green) and B (red) forms a dynamic resistance higher than the ALTCOIN price at $ 2,346 and $ 2,742, respectively.
Ichimoku cloud tracks the momentum of the asset market trends and determines potential support/resistance levels. When the price is traded above this cloud, the market is in a bullish direction.
On the contrary, when the price of the asset decreases to the bottom of the cloud, the market is in the direction of a decline. In this scenario, the cloud acts as a dynamic resistance area above ETH. It enhances the possibility of continuing the declining movement if the price of the currency remains under it.
Moreover, the low prices of ETH decreased many losses. Per Glassnode, the percentage of ETH portfolio has decreased the average purchase price lower than the current currency price to the lowest level in a 50 % date.
This means that only 50 % of all the titles that ETH keeps are in profit. For context, it was 82 % at the beginning of the year. This trend can exacerbate the sales between ETH traders, as many are now trying to cancel their property to reduce losses.
If the sale is intensified, this can lead to lower ETH prices, which enhances the declining momentum and is likely to lead to more losses.
The next step for Ethereum: $ 1,924 or a rare of more than $ 2,500?
ETH support may not be $ 2000 if the pressure persists. This can open the door for more losses in the coming days. Readings from the REECENTING FIBONACCI tool indicate that the currency price may decrease to 1924 dollars if the demand is weakened.
However, the positive transformation in the market morale will nullify this landfill. If you see ETH, a return to the new demand, it may pay for $ 2224. If the currency turns this resistance to the support floor, the ETH price may push the $ 2500 region very desirable
Disintegration
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