ETHEREUM price has decreased continuously over the past two weeks and has not yet shown any mark on the recovery.
As, a deeper decrease in the coming weeks can be expected.
Technical analysis
by Edris derakhshi (Tradingrge)
Daily chart
On the daily chart, the original decreased gradually after the 200 -day moving average fracture, which is located around the brand of $ 3,000, to the negative side.
Also, the level of $ 2700 has been lost, and the market can now target the support zone of $ 2,350. However, with RSI entering the sale area, a bullish withdrawal may occur soon, which may put an end to the declining direction if the market can recover above the moving average for 200 days.
The graph for 4 hours
Looking at the time frame for 4 hours, it is clear that the price has been united within a narrow, numerous channel around the level of $ 2700. Currently, the market tests this level from the bottom, and if it is rejected, the channel will be detailed and a decrease towards the level of $ 2350.
However, if the opposite scenario occurs and the level of $ 2700 is recovered, there is likely to have a crowd towards the main area of $ 3,000.
Series analysis
by Edris derakhshi (Tradingrge)
Exchange reserves
Although the price of Ethereum suffers from an aggressive drop, things may seem attractive to long -term investors who want to buy DIP. This is somewhat clear when looking at the Ethereum Exchang Reserve.
The scale measures the total amount of ETH held in the exchange portfolios. It is considered an agent of offer, as these currencies can be sold quickly and in addition to the total sale pressure.
As the graph also suggests, however, the Exchange reserve has recently taken a diving in the wake of the last market collapse. This indicates that some investors accumulate strongly during this correction, and the contraction of the subsequent show may lead to recovery.
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