Today, Ethereum has suffered a decrease in prices from two numbers, as geopolitical tensions between Israel and Iran Ratter invested through global markets.
Data reveals on the series that the severe decrease in ETH has raised an increase in short locations in the future contract market, indicating that many traders are now betting on more price losses.
ETH was disrupted amid Middle East disorders
The air raid launched by Israel on Friday intensified concerns about the broader conflict in the Middle East, as it was sent shock waves through both the traditional and digital asset markets.
ETH, the second largest encrypted currency, was severely exposed, as more than 10 % decreased during the past 24 hours, as traders respond to the increasing insecurity.
The data on the series indicates that many traders expect this price to decline, and is reflected in long/short currency readings. At the time of the press, this is 0.86, indicating that more traders are betting on altcoin.
This ratio compares the number of long and short situations on the market. When the long/short percentage of the original is higher than 1, there is longer than short situations, indicating that merchants are often betting on the increase in prices.
On the contrary, as shown with ETH, less than one indicates that most traders determine low prices. This indicates the rise in the high feelings and the increasing expectations of a continuous decline.
Moreover, the negative power balance of the ETH (BOP) supports this landfill. At the time of the press, this momentum index is in -0.69, confirming the flowing demand on the leading altcoin among the market participants.
The BOP index measures the power of buyers against sellers on the market. The negative BOP reading indicates that the pressure pressure dominates, indicating that there is no new demand and the possibility of a rise in low prices.
The market is waiting for the next step for ETH
At the time of the press, ETH is trading $ 2523, and it is held slightly higher than the support hall at $ 2,424. In the event that pressure is enhanced by the sale side, the currency can break under this floor, which may lead to an additional decrease of about $ 2027.
On the contrary, a renewed wave of interest in purchase can nullify the downward expectations. In this case, ETH may flourish and collect about $ 2,745.
Disintegration
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