The layer-2 platform Manta Network has experienced a significant decline in TVL within just 7 days.
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Home > News > Altcoin
Published: 03/04/2024
-
Author: Leexim
The Potential of Ethereum While Trading at Low Valuations
A drop below $3050 for Ethereum might lead to a bearish market structure, as momentum and selling pressure continue to build, potentially resulting in further losses.
Azcnews (1)
Table of Contents
Over the past 24 hours, the cryptocurrency market has witnessed a strong sell-off. Both Bitcoin [BTC] and Ethereum [ETH] recorded declines of around 7% – 8%, with further declines likely. For ETH, the $3.5K level is being considered as a key short-term support level.
A bearish flag pattern is forming
Cryptocurrency analyst Ali Martinez has highlighted that there are signs of a bear flag formation forming. If this prediction comes true, the price could drop to $2.8k. The question is whether the bears can execute this scenario?
In the battle between the bear flag and the bridge zone, who will win? Based on the length of the flagpole, it can be predicted that the price could drop as low as $2.6k. The $2.8K to $2.9K area is where ETH was concentrated in February before surpassing the $3K mark.
ETH 6-hour Chart
Source: ETH/USDT on TradingView
Therefore, this area could act as a support on the way down and give bears pause. The $3.1k level is also a key area with lower trading volume, and has seen a significant reaction compared to the price earlier this month.
Over the past two weeks, trading volume has decreased as Ethereum formed a bearish pattern. The break below the uptrend line confirmed the presence of this pattern. If the price drops below $3,056, the market could continue to decline on the 12-hour chart.
Related: Depleted Ethereum Supply Signals Imminent Price Surge
Ethereum is currently undervalued
Ethereum Santiment
Source: Santiment
Analysis of Ethereum’s on-chain metrics has recorded positive findings for investors. The 30-day MVRV ratio has fallen below zero since March 18, suggesting that the asset is undervalued.
However, the average age of the coins, although trending downward since February 9, is starting to show signs of increasing slightly.
Both of these indicators together create a strong buy signal. However, this is not a short-term signal and risk management needs to be built on technical analysis. At the same time, at the time of this writing, the bears hold the upper hand.
Comparing the network growth in March with January, we see an increasing number of new addresses created on the network.
Total open interest decreased along with the price indicating short-term bearish sentiment. However, there are signs that a drop to $3.1k or $2.6k would still present a buying opportunity for long-term holders.
Read More
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#Ethereum
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DOGE Coin DOGE
3.04%
ADA Coin ADA
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AVAX Coin AVAX
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BTC Coin BTC
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ETH Coin ETH
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ADA Coin ADA
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Search...
Home > News > Altcoin
Published: 03/04/2024
-
Author: Leexim
The Potential of Ethereum While Trading at Low Valuations
A drop below $3050 for Ethereum might lead to a bearish market structure, as momentum and selling pressure continue to build, potentially resulting in further losses.
Azcnews (1)
Table of Contents
Over the past 24 hours, the cryptocurrency market has witnessed a strong sell-off. Both Bitcoin [BTC] and Ethereum [ETH] recorded declines of around 7% – 8%, with further declines likely. For ETH, the $3.5K level is being considered as a key short-term support level.
A bearish flag pattern is forming
Cryptocurrency analyst Ali Martinez has highlighted that there are signs of a bear flag formation forming. If this prediction comes true, the price could drop to $2.8k. The question is whether the bears can execute this scenario?
In the battle between the bear flag and the bridge zone, who will win? Based on the length of the flagpole, it can be predicted that the price could drop as low as $2.6k. The $2.8K to $2.9K area is where ETH was concentrated in February before surpassing the $3K mark.
ETH 6-hour Chart
Source: ETH/USDT on TradingView
Therefore, this area could act as a support on the way down and give bears pause. The $3.1k level is also a key area with lower trading volume, and has seen a significant reaction compared to the price earlier this month.
Over the past two weeks, trading volume has decreased as Ethereum formed a bearish pattern. The break below the uptrend line confirmed the presence of this pattern. If the price drops below $3,056, the market could continue to decline on the 12-hour chart.
Related: Depleted Ethereum Supply Signals Imminent Price Surge
Ethereum is currently undervalued
Ethereum Santiment
Source: Santiment
Analysis of Ethereum’s on-chain metrics has recorded positive findings for investors. The 30-day MVRV ratio has fallen below zero since March 18, suggesting that the asset is undervalued.
However, the average age of the coins, although trending downward since February 9, is starting to show signs of increasing slightly.
Both of these indicators together create a strong buy signal. However, this is not a short-term signal and risk management needs to be built on technical analysis. At the same time, at the time of this writing, the bears hold the upper hand.
Comparing the network growth in March with January, we see an increasing number of new addresses created on the network.
Total open interest decreased along with the price indicating short-term bearish sentiment. However, there are signs that a drop to $3.1k or $2.6k would still present a buying opportunity for long-term holders.
Read More
#ETH
#Ethereum
0.0/5
Love
Leave a Reply
Your email address will not be published. Required fields are marked *
Comment *
Twitter
Telegram
Name
Save my name, email, and website in this browser for the next time I comment.
LATEST
Azcnews Breaking
Altcoin | Editor Choice 03/04/2024
Binance Announces Delisting of 2 Trading Pairs
Binance exchange announces the delisting of 2 trading pairs starting from April 5, 2024: LDO/TUSD, WING/BTC. These pairs do not meet Binance's standards. Read more details here!
Azcnews Breaking
Altcoin | Editor Choice 03/04/2024
TVL Manta Network is Halved for One Week
The layer-2 platform Manta Network has experienced a significant decline in TVL within just 7 days. The reason for this downturn stems from the conclusion of the New Paradigm program, leading users to withdraw their funds in large numbers.
Azcnews Breaking (76)
Altcoin | Blockchain | Editor Choice 03/04/2024
Nearly $100M in Crypto Hacks Recovered in March – PeckShield
PeckShield stated: There were numerous crypto hacks in March such as Munchables, Pacman, Prisma Finance, NFPrompt, but a significant amount of around $100 million has been recovered through negotiations with hackers.
Azcnews Breaking
Altcoin | Editor Choice 03/04/2024
Binance Announces Listing of Wormhole (W)
Binance has announced that it will list Wormhole (W) on April 3, 2024, at 12:00 (UTC). Wormhole (W) is a cross-chain protocol in the Solana ecosystem that has successfully raised over $300 million USD.
Azcnews
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Whales Engage in Rapid Accumulation of Stablecoins
Recent on-chain data reveals that whale entities have swiftly acquired approximately 5% of the total supply of leading stablecoins within the last three weeks.
Top views
1
Guide to Participating in Eclipse Testnet
2
NIM Network Announces Airdrop of 90 Million Tokens
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5
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6
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9
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