The price of Ethereum in the bear market remains this year, as the second largest encrypted currency lacks a clear catalyst. ETH was trading at the extreme level in the excessive Murrey Mathe lines at $ 2220, a 50 % decrease from its highest levels in December last year. So, is it safe to buy an eth?
Technical analysis of Ethereum price
The daily graph shows that the price of the ETH coin has been shattered in the past two months. After its peak at $ 4,088 in November last year, the currency moved to $ 2220. It crashed with a little main support at $ 2,182, the slightest swing on February 13.
The ETH price has decreased to less than 50 days moving average, a sign that the bears remain under control at the present time. I have also moved down to the Ichimoku Cloud index. There are signs that the currency has formed a reverse and shoulder head, which is a common continuity sign.
The oscillator continued to move down. The RSI (RSI) index has decreased and moved to the level of sale, while the oscillating of the percentage of prices (PPO) moved below the zero line.
Therefore, the expectations for Ethereum are declining. The measurement between the highest point in November and the current level shows that it is about 50 %. The same distance from the current level gives the next ETHEREUM price goal at $ 1,125.
This declining ETHEREUM price target will become invalid if the currency increases from the strong, pivotal, at $ 2,812. Step higher than this level will indicate more gains, with the next point of $ 3500.
Why the ETH price collapses
There are some reasons why ETH currency is disrupted. First, there are signs that they see a weak weakness of the demand for retail and institutional demand. A good example of this is to look at the Ethereum ETF space flows and external flows.
It has had external flows in the past seven days in a row, transferring its total flows since its establishment at $ 2.28 and ETHEREUM ETF a total of about $ 8 billion. Looking at Ethereum ETF data and outflowing data is a good indication of the request of the United States.
The same thing happens in the Stokeing Market, where Ethereum ETF flows have risen in the past few months. Ethereum has a market ceiling if it is $ 74 billion, a decrease of approximately 20 % in the past seven days.
Additional data shows that the ETHEREUM assets on exchanges have risen in the past few days. They rose to 15.38 million, up from 14.9 million last month. RISing Rocenses is a sign that investors sell their coins by transporting them to stock exchanges.
ETHEREUM future interest has also decreased in the past few months. He decreased to 19 billion dollars on Sunday, a decrease from more than 30 billion dollars last year. Therefore, this performance is a sign that the demand is fading.
There are other reasons behind the ETH price collapse. For example, the decline has been coincided with other cryptocurrencies in the past few months, as Bitcoin price has decreased from $ 109200 to $ 85,000 today.
Moreover, the continuous ETHEREUM price diving occurred where Blockchain was subjected to strong competition such as Solana and BNB. The most prominent of which is that it is witnessing a strong competition from the top -class networks such as Al -Qaeda, Irrigation and Optimism.
Beyond prediction at ETHEREUM Price march: Is it 50 % detention possible? First appeared on Invezz
