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Ethereum (ETH) still does not regain resistance of USD 2100, falling by 6% last week. As the second largest cryptographic trade at the “Make or Break” level, some observers suggest that they will continue to move to the side before another grave movement.
Ethereum trades at levels 2023
After closing the worst first quarter from 2018, Ethereum continued to move sideways, floating between USD 1,775-1925. Last Monday, Ethereum traded only 6% below the monthly opening, observing the potential positive closure in the monthly time frames.
Nevertheless, the cryptocurrency fell by 10% compared to the highest week to finish the first quarter of 45.4% below the opening in January and 18.6% from the opening of March. In addition, it registers its worst results for seven years, registering four subsequent months of bleeding for the first time since 2018.
Daan Crypto Trades excellent that ETH “still trades on nobody’s land”, “despite the last attempts to exceed the current range. At the beginning of March Ethereum fell below USD 2,200, losing profits of 2024 and reaching a 16-month minimum of 1750 USD.
The trader suggested that the key levels to be viewed are a failure below USD 1750 or a breakthrough above USD 2100. “Everything between them will simply be a painful kitty,” he added.
Another market observer, Merlijn Trader, Highlighted ETH is at level 2021, indicating that it trades in a breakthrough zone that led to Ethereum High (ATH), but has a stronger basis and more institutional demand four years later.
“Eth sits on the same monthly support that lit Bull Bull 2021. Hold it and $ 10,000 is in the game. Susception … and everything becomes ugly,” he described in detail.
More chopping before the next ETH movement?
Virtualbacon analyst considers that Ethereum will continue to trade in the current price range for now. He explained that the price of ETH has fallen to master the level of the bear’s resistance, because he removed all its profits from November 2023.
The analyst considers this zone to be a “good range of value”, but he does not expect the cryptocurrency to explode “immediately”. He added, however, that a stubborn breakthrough is “simply a matter of time” within a longer time frame.
“Ethereum always is catching up when the Fed Pivots and global beings of the fluidity indicator to growth. Then you will see that the ETH/BTC indicator begins to appear again, leading the rest of the Altcoin market,” he concluded.
Ali Martinez pointed It is enough that the number of huge ETH transactions dropped significantly in over a month, falling by 63.8% from February 25.
During this period, huge transactions fell from 14,500 to 5190, signaling a decrease in whale activity on the web. He also noticed that whales have sold 760,000 ETH in the last two weeks.
From this magazine, Ethereum trades on USD 1,903, which is a 6% decrease in weekly time frames.
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