NEWSLETTER
The price of ethereum has not yet recovered from the fall he has been experiencing lately. Therefore, more inconvenience could be expected in the coming weeks.
Technical analysis
By Eduris Darakhshi
The daily table
In the daily table, the price has been doing high and lowest minimums since it was rejected from the resistance to $ 4,000. Several support levels have been lost in recent months, especially the 200 -day mobile average, located around the $ 3,000 brand.
While the price has already dropped to the support and recovered from $ 2,200, there is still the possibility that the market decreases longer while cryptocurrency remains below the 200 -day mobile average.
The 4 -hour table
Looking at the 4 -hour period, the price has gradually decreased within a large wedge pattern that falls. While the market broke the pattern at the disadvantage on Monday, it recovered, recovering the level of $ 2,800. However, the RSI still shows values below 50%, indicating that the impulse is still bassist.
Therefore, if the price does not break above the level of $ 3,000 soon, a deeper correction or a longer consolidation in the coming weeks could be expected.
Feelings analysis
By Eduris Darakhshi
ethereum open interest
As ethereum's price is in a strong bearish trend, market participants wonder where the price will finally find support. Analyzing the feeling of the futures market could provide useful information about this situation.
This table presents the financing rates of ethereum, which measures whether buyers or sellers are executing their orders aggressively (using market orders) together. Favorable financing rates indicate a bullish feeling, while negative values show a bearish feeling.
As the table suggests, financing rates have decreased significantly after the recent accident. Judging by its current values, it is safe to say that the futures market is no longer overheat. However, without sufficient demand in the spot market, the market cannot be recovered in the short term.
The prices analysis after ethereum: eth is launched 10% weekly, what is the next objective? He appeared first in Cryptopotato.
