NEWSLETTER
The low performance of ethereum (eth) in the last four months has raised speculation about the general potential of the asset in this bull cycle. Investors wonder what the correct movement would be: it sells their eth for other cryptocurrencies to avoid further losses or load on the asset in anticipation of future profits.
The analyst at the Ali Martínez chain has<a target="_blank" href="https://x.com/ali_charts/status/1903498214910603511″ data-wpel-link=”external” target=”_blank”> offered The ideas about Ether's price trajectory, evaluating metrics that could paint a bullish or bassist perspective for the second largest cryptocurrency.
A good time to buy eth?
According to Martínez's analysis, 57% of ETIHE decreases from $ 4,100 to $ 1,750 between December and mid -March led the feeling of investors to the fear territory. This triggered a significant sales activity, even among the whales: this is evident in the number of addresses that have more than 10,000 eth that collapse from 999 to 919 between mid -February and early March.
The transaction activity of ethereum whales further intensified the sale with at least 130,000 eth, leaving wallets that belong to these large investors in the week ending on March 17. The funds quoted in ethereum exchange (ETF) of ethereum of the United States have also registered departures for a total of $ 760 million in the last month.
In addition, merchants moved more than 100,000 eth to cryptography exchanges between March 11 and 13, contributing to the sales pressure.
Technical indicators
From a technical perspective, Ether's three -day table shows an ascending triangle that points to a possible drop at $ 1,000. Another daily rupture of the parallel channel in the table suggested that the cryptocurrency could fall towards $ 1,250.
In addition, eth price bands have highlighted $ 1,440 as a critical inconvenience objective, although the currency could witness a rebound if it is maintained at this level of support. Martínez has identified $ 1,887 as the most important level of support for eth. At this level of cost distribution, investors have accumulated 1.63 million eth.
However, if eth fails to maintain the support level of $ 1,887, then the fall to lower targets of $ 1,440, $ 1,250 and even $ 1,000 would probably happen. There is also a significant resistance to $ 2,250 and $ 2,610; Martínez says that eth breaking above this area would invalidate the bassist perspective.
The cryptographic analyst insisted that the high sale activity and technical indicators pointed to a higher downward risk for eth. However, it seems that the tides are beginning to change. Recent data revealed that eth whales <a target="_blank" href="https://x.com/ali_charts/status/1904042744302928079″ data-wpel-link=”external” target=”_blank”>accumulated 470,000 eth last week, while merchants have <a target="_blank" href="https://x.com/ali_charts/status/1903956677474304270″ data-wpel-link=”external” target=”_blank”>retired 1.20 million eth of exchanges in the last 48 days.
With a substantial amount of exchanges and eth whales that accumulate the asset, there could be an upward pressure on the price of cryptocurrency. Ether has already increased almost 10% in last week, around $ 2,090 at the time of writing.
Free Binance $ 600 (Cryptopotato Exclusive): Use this link to record a new account and receive an exclusive welcome offer of $ 600 in Binance (Complete details).
Limited offer for Cryptopotate readers at Bybit: Use this link to register and open a free $ 500 position in any currency!
<!– ai CONTENT END 1 –>
