NEWSLETTER
ethereum (eth) recorded some minor profits last week, increasing by 2.80%. However, the prominent Altcoin remains far from leaving a bearish trend that extends since December. In the midst of this standard market, the famous Market Analyst Ali Martínez has highlighted the critical price levels by deciding whether the eth correction has ended and adequate for an entry to the market.
ethereum: A purchase opportunity or more inconvenient ahead?
In <a target="_blank" href="https://x.com/ali_charts/status/1903498214910603511″ target=”_blank” rel=”noopener nofollow”>Publication of detailed analysis In x, Martínez explains that ethereum has crashed in 57% of its local beak of $ 4,100 in December. This decrease has been attributed to a generalized distribution by large headlines of ethereum, especially whales. In the last four months, the wallets that have 10,000 eth have decreased by 80. Meanwhile, the eth whales, that is, the wallets that have 100,000 eth and more, have downloaded 130,000 eth in this period.
During the eth decline, the ETFs of ethereum Spot have also suffered massive withdrawals as indicated by a net exit of $ 760 million in the last month. In addition, investors have transferred 100,000 eth to investors with intentions to sell for fear of price loss.
Looking towards the future, Martínez points out that several technical indicators suggest a disadvantage for ethereum in the midst of this intense sales pressure. For example, a breakdown of an ascending triangle on the 3 -day lists suggests that eth can be directed at an objective price of around $ 1,000.
Meanwhile, eth price bands have also highlighted $ 1,440 as another downward target that indicates a possible decrease of 27.4% of current market prices. Interestingly, the cost distribution data is correlated with both bearish projections, since ethereum is currently above the key support of $ 1,887. However, a price that falls below this level will result in a greater decline of lower objectives such as $ 1,440, $ 1250 and $ 1,000.
Although Martínez points out that there is the potential of a recovery of the eth market. When analyzing the amount of eth acquired at each price level, the analyst indicates that eth Bulls faces a serious resistance between $ 2,250- $ 2,610. If eth Bulls can overcome this resistance, it will invalidate the current perspective of the bearish market.
General Description of ethereum's price
At the time of writing this article, ethereum was quoted at $ 1,985 reflecting profits of 1.10% on the last day and 2.10% in the last seven days. However, Altcoin has decreased by 27.32% in the last month. Being the largest alternative in the market, ethereum has a market capitalization of $ 239 billion that represents 8.7% of the total cryptography market.
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