Ethereum (ETH) has been experiencing a turbulent time in the market, with a recent decline of 12.08% in its value over the past month. Despite a brief rebound of 2.69% last week, the momentum seems to be fading as selling pressure continues to increase.
Technical analysis suggests that ETH is forming an inverse head-and-shoulders pattern, a classic bullish signal that often precedes a significant upward move. The pattern consists of a left shoulder, a head, and a right shoulder, indicating a period of consolidation before a potential breakout.
Currently, ETH is developing the right shoulder of the pattern, mirroring the left shoulder’s descent along a descending line. If this trend continues, ETH could drop further to around $2,800 before consolidating for up to 37 days and breaking through the descending resistance line.
A successful completion of the pattern could propel ETH towards its first major resistance zone between $3,850 and $4,100. Beyond that, ETH could target a new all-time high, potentially surpassing the $6,750 mark.
However, market sentiment suggests that ETH’s near-term downside risk remains high. The supply of ETH on exchanges has been steadily increasing, indicating growing selling pressure. Exchange netflow data shows a positive netflow of around 47,761 ETH in the past 24 hours, potentially leading to more market sell-offs and driving ETH’s price downward.
Institutional investors have also been contributing to the selling pressure on ETH, with World Liberty Finance leading the charge by transferring a significant amount of Ethereum to exchanges. This activity, including a recent transfer of 1,038 ETH valued at $3.44 million, suggests a potential sell-off strategy that could further intensify downward pressure on ETH’s price.
As institutions adjust their positions and market sentiment remains fragile, ETH’s price could face further declines in the short term. Traders and investors should closely monitor the developments in the market to make informed decisions regarding their ETH holdings. The world of fashion is ever-evolving, with new trends constantly emerging and reshaping the way we dress. From bold prints to minimalist designs, there is something for everyone in the world of fashion. One trend that has been gaining popularity in recent years is sustainable fashion.
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