The price of Ethereum (ETH) will continue to descend and test the threshold of 3.000$ While Bitcoin (BTC) collapses under the 96.000$?
Ethereum has fallen below the psychological level of 3.500$ While Bitcoin falls below i 96.000$. With the market capitalization of Bitcoin which falls below i 2 trillion dollars, Ethereum is maintaining its rating of 400 billion dollars.
In parallel, Ethereum is holding firm at the support level of 3.400$ as the cryptocurrency market turns negative. Sellers will cause a breakout at this level and push for a retest of the 3.000$?
Ethereum price analysis
In the last seven days, Ethereum fell by 12,44%reflecting the strong market correction. In the daily chart, the price trend of Ethereum show three bearish candles consecutive.
The bearish change started after that Ethereum suffered rejection at the level of 4.100$. With the pattern of three black crows, Ethereum has fallen below the exponential moving average line (EMA) a 50 days.
Furthermore, the price has reached the retracement level of Fibonacci al 78,60% a 3.553$. As the downward trend continues, Ethereum is now testing the level of 3.400$with the current market price a 3.404$.
As the price continues to decline, theDaily RSI has fallen below half and is approaching the limit of oversold. The momentum indicator shows an increase in selling pressure.
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Ethereum ETFs Turn Red
In the context of the price decline, the ETF of Ethereum have seen a huge outflow of 60.47 million dollars. At the head of the bearish group, Grayscale he sold Ethereum for a value of 58.13 million dollars. This surge of selling pressure has interrupted the bull run in the market of ETF of Ethereum.
Whale activity increasing
With the increase of volatility of the price of Ethereumi token ETH are sold to discounted prices. Taking advantage of this situation, the World Liberty Finance Of Donald Trump he spent 2.5 million dollars to purchase 722 token ETH.
However, despite the company’s optimism Trumpthe market has seen the whales move downwards. Due to the recent drop in price, the whales they are forced to sell to repay debts.
A whale recently filed 22.746 token ETH for a value of 77.7 million dollars are Binancewhile another filed 31.968 token ETH for a value of 122 million dollars in the last two days.
Also, another one whale he filed 49.910 token ETHfor a value of 170 million dollarsare Binance and will convert them to stablecoin for a value of 137.8 million dollars.
Here are the focal points of this analysis on the recent price trend of Ethereum
- Ethereum suffered a decline in 12,44% in the last 7 days. The price has dropped below 3.400$testing the crucial support level.
- Il Daily RSI approaches the limit of oversoldindicating possible weakening.
- The ETF of Ethereum have recorded an outflow of 60.47 million dollarscon Grayscale leading the sale.
- The whales they are increasing their sales activity due to the price volatility of Ethereum.
Will Ethereum Price Drop to $3,000?
In conclusion, while the cryptocurrency market is moving towards a trend bearish, Ethereum is facing a growing selling pressure. The downtrend will likely gain momentum with the institutional support and the retail question that vanish.
Based on the levels of Fibonacci and gods technical indicatorsthe line 200 day EMA a 3.035$ it remains a crucial psychological level of support. In addition to this, the level of Fibonacci al 50% a 2.942$ it could represent a rebound zone. The price of Ethereum could challenge the level of Fibonacci al 78,60% a 3.530$ if the broader market were to recover.
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