The price of Ether (ETH) is consolidated in the range of around USD 130 in the last seven days, because $ 2000 remains mighty general resistance.
Data from Cointelegraph Markets Pro and Bitstamp show that the price of ETH oscillates from 1810 to 1960 USD.
ETH/USD Daily chart. Source: Cointelegraph/TradingView
The ether price is pinned below $ 2,000 for several reasons, including reducing the destitute activity of the Ethereum network and reduction of TVL, negative ETF flows and delicate techniques.
Negative outflows ETF ETF ETF
Lower results in the price of the ether can be assigned to maintain the risk of investors, which is observable in the case of Ethereum Exchange (ETF) current funds. ETH outflows from these investment products lasted for over two weeks.
ETF on Ether Ether from the USA has recorded a series of drains over the last seven days, with a total value of $ 265.4 million, according to the data from Sosovalue.
ETHER ETF Flow scheme. Source: Soacal
At the same time, other Ethereum investment products recorded flows of $ 176 million. This will cause that outflows from a month from the ETPS ether to $ 265 million, including what the head of research coinshares, James Butterfill, described as “the worst record”.
He noticed:
“It is also 17 in a row of drains, the longest negative series since the start of our records in 2015.”
Onhain’s destitute activity hurts the price of ETH
To understand key drivers of Eter’s weakness, it is necessary to analyze the onchain ethereum indicators.
The Ethereum network has maintained its leadership based on a 7-day decentralized replacement volume (DEX). However, the record has dropped over the past few weeks, falling by about 30% in the last seven days, reaching $ 16.8 billion on March 17.
Ethereum: 7-day volumes DEX, USD. Source: Developma
Ethereum’s key weaknesses included a 85% decrease in activity in the Maverick protocol and a 45% decrease in Dodo volume.
Similarly, the total value of Ethereum blocked (TVL) decreased by 9.3% per month, which is 47% compared to the highest in January 77 billion to USD 46.37 billion on March 11.
Ethereum: Total value blocked. Source: Developma
Lido was one of the weakest performers of the Ethereum deposit, and TVL fell 30% within 30 days. Other noteworthy decreases included their own ass (-30%), ether. Fi (-29%) and producer (-28%).
The target of the Ether bear flag is USD 1530
Meanwhile, Ether techniques show the potential Bear flag On a four -hour chart, which indicates a greater disadvantage in the coming days or weeks.
Related: ETH Lower Eth. USD, SEC delays many cryptography and more: Hodler’s Digest, March 9-15
The bear’s flag is a model of continuing down, characterized by a miniature channel up, formed by parallel lines in relation to the dominant inheritance trend. It is solved when the price definitely breaks below the lower trend line and drops as much as the prevailing downtrend height.
ETH Bulls count on support from the bottom limit of the flag each 1,880 USD. The daily candlestick close below this level would signal bears from the creation of the chart, predicting a decrease to USD 1,530. Such a move would represent 20% of the current price.
ETH/USD Daily chart. Source: Cointelegraph/TradingView
The relative force indicator is in the negative region in 48, which suggests that market conditions are still conducive to minus.
Bulls will try a daily candle close to the middle border of the flag after 1930 USD (adopted by 50 SMA) to defend support of 1,880 USD. They must exceed the price above the upper limit of the flag 1,970 USD to annul the pattern of the bear flag chart.
This article does not contain investment advice or recommendations. Each investment and commercial movement involves risk, and readers should conduct their own research when making decisions.
