Ethereum (ETH) is struggling with the faded upscale force because its recent attempt to bypass the critical resistance areas has fallen. Trading at $ 3,119, the distinguished code of ETH hovered slightly less than the simple moving average for 100 days (SMA) at $ 3312, caught in a precise standardization phase that can dictate its next big step.
One -day graph analysis
According to the daily graph analysis, a remarkable effort was made to penetrate the level of resistance of $ 3500, as the main technical factors converge. This included the upper limits of a similar triangle style and the level of Fibonacci’s reinstate at $ 3,517. However, the batch was met with severe sale pressure, forcing the retreat and leaving the bulls unable to take advantage of the momentum.
The ethereum failure to keep momentum over the main resistance levels revealed a weakness in the purchase of pressure, which led to a corrective transition to its current level of about $ 3119. Nowadays, the support level of $ 3,000 represents the decisive defense line, providing stability amid downtown pressure.
However, in the event of this support, the cryptocurrency risks a decrease in a decrease of about $ 2,927, a Fibonacci central widespread area that could serve as a major battlefield between bulls and bears. Such a collapse is likely to enhance the emotional feelings, and the distinctive symbol symbol pushes deeper corrections and reshape the market path in the short term.
In the upscale direction, the moving average for 100 days (MA) works as a huge resistance, which puts any attempts to recover up to the upper recovery as long as the ETH currency is circulating under it. Meanwhile, the similar triangle style adds to the graph as an element of suspense, indicating the possibility of a sharp and decisive step in either direction.
The collapse of more than $ 3500 may increase optimism and open the door to the higher price goals. However, violation may lead to less than $ 3,000 to accelerate the pressure pressure, leaving the bulls on the defense and may tend to balance in favor of the bears. With the ethereum code at a critical turn, its next step is likely to determine the direct market expectations, keeping merchants on the edge of the abyss.
Profitability and transactions analysis
The current price level of Ethereum, which hovers about $ 3119, draws a complex image of traders and investors. According to Profitability87.02 % of the addresses that hold symbols “out of money”, indicating that most of the holders suffer from incompatible losses at the current price.
Only 9.89 % of the addresses are “in money”, indicating a highly declining battle for bulls to restore momentum. Meanwhile, 3.09 % of the headlines “in money”, reflecting the exact balance in the market. This blatant contrast emphasizes the importance of the 3000 dollar support area, as its failure may increase the low morale, which increases the prices towards the next leading Fibonacci reinforcement level of $ 2,927.
On the contrary, it is possible that it will provide a decisive batch above the scope of resistance, which ranges between $ 3132 and $ 3500 as a rest that affects the need for investors who are struggling. On the other hand, Transactions data Depending on size, it reveals more ideas about market behavior. A small scale transactions less than $ 1,000 have seen marginal growth, with an increase of +1.21 % and +9.09 %, respectively, for transactions less than $ 1, $ 1 and $ 10.
However, the large transactions in a sharp decrease. For example:
- Transactions decreased between $ 10,000 and 100,000 dollars by -30.43 %.
- Transactions fell in a million dollars to $ 10 million by -29.55 %.
- Institutional transactions with more than $ 10 million have achieved the most difficult success, as it decreased by -48.57 %.
This declining trend in transactions on a large scale indicates a decline in confidence between institutional players, which increases the weight of expectations in the short term of the encrypted currency.
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