Since the beginning of this year, Ethereum has achieved worse results compared to the main digital assets on the market. ETH worse results It caused concerns in the community, and it is tough to determine whether Altcoin is preparing for stern rally pressure or further pressure. However, the current price campaign shows that ETH can be set to reflect prices in a tiny period.
The chart pattern indicates the recovery of Ethereum
In post X (formerly Twitter) Ali Martinez, an experienced technical expert and salesman, Highlighted Pullan development on the Ethereum chart. The expert drew attention to the creation of a key chart pattern, which could re -ignite the rush of the mountain and push ETH towards key levels of immunity.
Delve EthereumThe last price action, a parallel channel pattern appeared in a 1-day time period. In particular, the parallel channel is a technical pattern of the chart created by connecting rises and falls with two parallel trend lines. This formation of charts helps investors and traders determine potential entry and exit points at the price of cryptocurrency.
Currently Ali Martinez noticed that Altcoin He tests the lower limit of a key pattern in which it can provide sufficient strength to go up. In the event that the pattern causes the reflection of ETH to recover USD 2350, it will be robust recovery up to $ 3000 and USD 4000.
When the resource is testing the bottom border of the pattern, it shows it ETH is on a key connection When he is preparing for the next move. Because ETH floats near the key level of resistance, the stubborn rush still builds, increasing the possibility of reflection for a key breakthrough.
Investors limit the exhibition to ETH
Among the bear movements, the chain data shows the decrease in ETH’s exhibition among investors. Recent report From data and financial platform Glassnode reveals that Ethereum investors actively managed their exposure at this turbulent period.
Ethereum He stepped back to an area of USD 2,050 after rape to around USD 2,500Levels recently observed in November 2023, probably contributing to the current change in investors’ behavior. Looking at the Glassnode chart in a 3-month view, there is a solid investors’ involvement with the initial cost basis of USD 3500.
The data show that these holders carefully reduced their exposure throughout February, when they entered the local peak of USD 2,500, and the lower one for USD 2,050. In addition, these owners reduced their initiation Cost basis by about 10% and currently maintains over 1.75 million ETH at USD 3,200.
Even with the decrease in the price of Ethereum, this trend lasted. On March 1, Glassnode noticed that 500,000 ETH was purchased for USD 2,200, but were immediately separated at the local level of USD 2,500.
Meanwhile, the 2800 USD mark is the first enormous resistance barrier in which 800,000 ETH was gathered. Glassnode expresses great importance to this level, because in this area there may be recovery of prices.
A distinguished picture from Unsplash, tradingview.com chart
