ETHEREUM (ETH) has decreased more than 8 % in the past 24 hours and more than 22 % in the past thirty days, reflecting the massive market morale. The price was already a decrease before penetration by bybit, which affected the market morale.
Although BYBIT has since recovered 84 % of its reserves, the ETH price is still under pressure. With a major resistance at $ 2,850 and no more than $ 2900 has exceeded since February 2, ETHEREUM’s look remains unconfirmed with continued control of the Habbudian indicators.
Bybit restores ETH reserves after penetration
ETHEREUM supplies on Bybit witnessed a significant decrease after the penetration, as it decreased from 443,000 ETH to 20,250 ETH only in one day.
This sudden decrease put pressure to panic on ETH, also on BTC and other coins, as market participants were afraid of the potential liquidity crisis.
The sharp decrease in reserves increased the uncertainty, which led to widespread speculation about the heels. Some users suggested that bybit may have to rebuild ETH to restore their reserves, which may create a strong purchase pressure.
Since February 22, the BYBIT ETH reserves have shown a great recovery, increasing from 29,000 Eth to 372,000 ETH by February 24, which represents 84 % of its reserves before HACK.
The sale of the initial panic to the market appears to have been temporary, and the bounce in the reserves may renew the purchase interest in ETH. However, the ETHEREUM price has not been recovered to before the penetration levels yet.
The indicators do not show any signs of an upward momentum
The RSI RSI index of Ethereum was recovered after the BYBIT, as it reached 63.2 yesterday, indicating a strong purchase momentum.
However, it has since decreased sharply and is now 43 years old, indicating a significant transformation in market morale. RSI is a momentum that measures the speed and change of price movements, ranging from 0 to 100.
RSI usually indicates that the original has been excessively clarified, indicating the potential pressure pressure, while RSI indicates less than 30 that the assets were exaggerated, which may indicate the opportunities for purchase.
The relative strength index is between 30 and 70 generally neutral, as the movements within this range reflect the ups of the regular market.
The decrease in the ETHEREUM lineage index from 63.2 to 43 in just one day indicates a rapid shift from ascending to the homosexuality. This significant decrease can indicate increased pressure pressure or low purchase attention, and perhaps because of the ongoing concerns about the effects of BYBIT.
The decline to 43 tries the RSI relative index to the sales lands, which, if it continues, can indicate another declining direction. However, if you resume the purchase of interest, the relative strength indicator can be stabilized or even reflux, indicating a potential recovery.
The DMI chart of Ethereum ADX appears on 18.3, a decrease from 21.4 yesterday, indicating twice the strength of the direction. ADX is less than 20 indicates that there is no clear momentum, corresponding to the continuous direction of ETHEREUM.
Meanwhile, DI +decreased from 30.4 to 20, indicating a decrease in the purchase interest, while -Di rose from 12.3 to 22.9, indicating an increase in the pressure pressure.
Cross -Di is on the +Di +Hibudi hegemony, indicating the continued pressure on the price of ETHEREUM.
The weak ADX, along with the height of -Di, indicates a direction that may continue unless the momentum returns are purchased. This may lead to further low prices or short -term side movement
Ethereum price was less than $ 2900 for three weeks
Ethereum has struggled to break the 2850 dollars resistance, which has been tested again and again in recent weeks. If the current lower direction continues, ETH can test support at $ 2551, and if this level fails, it may decrease to 2159 dollars.
It is worth noting that Ethereum has not exceeded 2900 dollars since February 2, highlighting strong resistance in this range.
However, if Bybit succeeds in restoring its reserves to pre -fishing levels, this may strengthen the positive morale of the ETH. In this scenario, the 2,850 dollars resistance re -testing, and if broken, the ETHEREUM price may rise to $ 3,020.
If the momentum continues, the next goal will be $ 3442. A break above $ 2900 will be important, because ETH has struggled with this level since early February, which may indicate a bullish reflection.
Disintegration
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