Ethereum $1,894.55 Slimming in the price for a long time, attracts the attention of market observers. According to technical analyzes, the price may decrease to $ 1,060 if the price continues to lose critical support levels. The weak market structure, the decrease in chain data and the inadequacy of the purchase demand are among the effective factors in this decrease.
Rejection of resistance levels continues continuously
Technical analyst Mags points out that Ethereum failed to exceed $ 4,000 three times. The inability to cross this resistance level caused the price to gain a decrease -oriented momentum. Ethereum lost significant levels of support by declining under the middle range. The breaking of the trend support line strengthened the expectations of decline.
Ethereum’s Bitcoin 
$82,775.63 His performance is also weakening. While the decrease trend in ETH/BTC parity continues, the fall of the daily RSI value below 30 points to the over -selling zone. The current position of this indicator reveals that the market is forced to recover for Ethereum.
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Network efficiency decreases as the outputs from ETF funds increase
US -based Ethereum Large outlets from fundamental funds are remarkable. According to the latest data, a decrease of 9.8 %in Spot Ether funds was observed. However, the decline in Bitcoin -based funds was more limited. The abstainer attitude of corporate investors about Ethereum creates additional pressure on the market.
Ethereum network activity also has a significant decrease. While the transaction volume of the main network decreased, median gas fees also declined. This decrease in data on chain shows a decrease in the interest in the Ethereum network.
Technical analyst Carpenoctom said that a positive deviation in Ethereum’s weekly graphics has not yet been confirmed. This reveals that the formation of a base in the price has not yet been seen and the decline trend may continue. Analysts say that Ethereum may have difficulty in creating support levels and may face more sales pressure.
This slimming, which continues in the price of Ethereum, causes market participants to move cautiously. Technical analysis data makes it difficult to expect a upward movement in the near term.
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Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
