ethereum's price went through frustrating correction at the beginning of the week. However, things could change soon, and a rebound could happen in the coming weeks.
Technical analysis
The daily table
In the daily table, the asset has been doing high and lower minimums since it was rejected from the resistance level of $ 4,000. The level of $ 3,500 has also been lost and has become resistance.
At this time, the market is testing the key support level of $ 3,000 and the 200 -day mobile average, located around the same price brand. This is a significantly strong and critical level that could start a rebound for eth. However, keep in mind that a breakdown could lead to catastrophic results, since it would indicate a complete bearish reversion.
The 4 -hour table
The 4 -hour table demonstrates an interesting image of the recent action of the eth price. During the recent decrease, the asset has created a fall pattern that falls, which can be a bullish investment pattern if it breaks up.
With the apparently bounted price from the level of $ 3,000 at this time, if there is an upward break, the market could officially begin a new demonstration upon turning to the $ 4,000 area in the short term.
Feelings analysis
ethereum open interest
While bitcoin's price is at a key level that could create a fund for the entire market, trusting only in technical analysis would not necessarily produce reliable ideas. As a result, analyzing the feeling of the futures market could add beneficial information about the underlying dynamics and lead to better conclusions.
This table presents the ethereum financing rate metric, which measures whether buyers or vendors are more aggressively executing their orders in added general exchanges. Positive financing rates indicate a bullish feeling and vice versa.
It is evident that, although the eth price has recently been in gradual decrease, the metric of financing rates has also decreased and is now far from the significantly high values observed in recent months. This indicates that the futures market is no longer overheated, and with enough punctual demand, the price can recover once again in the coming weeks.ethereum
ethereum after prices analysis: can eth finally get out of its corrective phase? He appeared first in Cryptopotato.
