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Ethereum (ETH) continues not to recover the resistance of $ 2,100, falling 6% last week. As the second greatest exchange of cryptography in its levels of “doing or rupture”, some market observers suggest that it will continue to move laterally before another major decision.
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Ethereum is traded at 2023 levels
After closing his worse Q1 since 2018, Ethereum continued to move laterally, oscillating between the price range of $ 1,775 and $ 1,925. In the middle of the resumption of last Monday, Ethereum negotiated Only 6% below its monthly opening, looking at a potential positive closure within the monthly time.
Nevertheless, the cryptocurrency fell by more than 10% compared to the summit of last week to close the first quarter of 45.4% below its January opening and 18.6% compared to its opening in March. In addition, he recorded his worst performance in seven years, recording four consecutive months for the first time since 2018.
Daan Crypto Trades note This ETH “still exchange in No Man’s Land” despite its recent attempts to go beyond its current scope. At the beginning of March, Ethereum fell below the $ 2,100 mark, losing its 2024 earnings and reaching a lower $ 1,750.
The merchant suggested that the crucial levels to be monitored are a ventilation of less than $ 1,750 or an escape greater than $ 2,100. “Everything between the two is going to be a painful chop,” he added.
Another market observer, Merlijn the merchant, highlighted This ETH is at the 2021 levels, stressing that it is negotiated in the escape zone which led to the high (ATH) of Ethereum, but has stronger fundamentals and a more institutional demand four years later.
“ETH is sitting on the same monthly support that sparked 2021 Bull Run. Hold it, and $ 10,000 are at stake. Lose it … and things become ugly,” he said.
More chops before the next ETH movement?
Virtualbacon analyst consider that Ethereum will continue to negotiate in its current price range for the moment. He explained that the price of ETH fell to reward the last levels of resistance from the bear market, because it has erased all its earnings since November 2023.
The analyst considers this area a “range of good values” but does not expect the cryptocurrency to burst “immediately”. However, he added that a bull burst is “simply a matter of time” on time.
“Ethereum always catches up with the delay when the Fed Pivots and the world liquidity index are trendy. It is when you see the ETH / BTC ratio starting again, leading the rest of the Altcoin market,” he concluded.
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Ali Martinez sharp The number of significant ethnic transactions has decreased considerably in more than a month, having lowered 63.8% since February 25.
During this period, large transactions increased from 14,500 to 5,190, reporting a drop in whale activity on the network. He too note That the whales have sold 760,000 ETH in the past two weeks.
To date, Ethereum is negotiated at $ 1,903, a drop of 6% within the weekly time.
Star image of Unsplash.com, tradingView.com graphic