ETHEREUM (ETH), the second largest encrypted currency in the world, according to the maximum market, is ready for a huge decrease in prices as a declining work pattern formed on the daily time frame. However, it seems that investors and their long -term investors benefit from these market expectations and are constantly gathering the distinctive symbols, as the analysis company reported.
$ 321 million of ETH external flow
Data from the immediate flow/external flow revealed that during the continuous low prices of ETHEREUM, the stock exchanges witnessed an external flow of more than $ 321 million of ether symbols, indicating a possible accumulation.
Such flows outside of the falling expectations a hint of an ideal purchase opportunity and can buy pressure and collect more upward trend.
Strong merchants are betting on short positions
Meanwhile, traders seem to follow the current market morale. according to Coinglass Data, merchants are betting strongly on the short side.
As of now, the main liquidation levels are approaching $ 2680, with long -standing traders with a value of $ 73.50 million, while $ 2,780 is another major liquidation level, with traders holding $ 325 million in short positions.
This data shows how the bears are betting on the current feelings, which leads to a continuous decrease in prices.
Current price momentum
Ether is currently trading near the level of $ 2690 and has witnessed a decrease in prices by 1.30 % over the past 24 hours. However, during the same period, due to the high market address and constant certainty in the market, the trading volume decreased by 25 %, indicating the decrease in participation from merchants and investors compared to the previous day.
Technical analysis of Ethereum (ETH) and the next level
With all these factors, experts’ technical analysis indicates that Ethereum has turned into a declining, as it failed to stick to the decisive support level of $ 2800 and appears to be constantly decreasing.
Based on the latest procedures for prices and historical momentum, if ETH closes a daily candle less than 2700 dollars, there is a strong probability of its 20 % decrease to reach the level of $ 2200 in the future.
However, the ETH (RSI) relative index is located near the sale area, indicating a declining trend and the possibility of low prices.
