The compactness of the Ethereum deals in the past week; Are we on the verge of failure of resistance?

While the digital currency market is experiencing a long period of recession, the difference in the price of ethereum sales has declined in the past week. Extending the intensive trading process, which means the approximate equality of supply and demand for trading, can lead to the passage of prices from one of the current resistance or support levels of Ethereum.

Ethereum analysis against the dollar

According to Crepto Potito, we’ve seen two downtrends in its daily diagram since the price of Ethereum reached its highest level in September last year. In the past few days, Ethereum has been testing the lower trend line (green line) with its 2 -week moving average (yellow line).

With the downtrend, if the green support line is not maintained and the sales pressure increases, we can expect the price of the Ethereum to be reduced to the $ 1.5 range of the 4 -week moving average line; Where the horizontal support line (the blue line) and the descending line (green line) cut each other.

On the other hand, if the price of Ethereum reaches over $ 1.5, it can try again to cross the $ 1.5 resistance level. In fact, the goal is where the descending line (red line) is tangent on the 4 -day moving average (white line). Such a price move will likely end the current downward market.

In short -term analysis, a decline in prices to below $ 2.9 or rising to over $ 4.9 can determine the next route of the Ethereum process.

Ethereum key support levels: $ 1.2 and $ 4.9
Ethereum key resistance levels: $ 1.2 and $ 4.9

Ethereum daily moving average:

• 2 days: $ 1.5
• 2 days: $ 1.9
• 2 days: $ 1.5
• 2 days: $ 1

Ethereum price analysis against bitcoin

The price of the Ethereum/ Bitcoin pair is trying to recapture its high price of its 5 -day moving average. Although the price of this pair has been above the line for a short time, it is now back.

An examination of the Kandel Steic Patterns of Daily Chart shows that sales pressure on the market continues. Continuing sales pressure may reduce the price to the horizontal support range of 1.2 bitcoin (green line).

In addition, as long as the price of the Ethereum/ bitcoin pair did not return to the resistance of 1.2 Bitcoin, there is no positive perspective on the movement.

Ethereum/ Bitcoin Key Support Levels: Bitcoin 2.0 and 2.0 Bitcoin
Ethereum/ Bitcoin key resistance levels: 1.2 and 2.3 bitcoin

Anchin Ethereum Analysis

Funding Rates are the amounts that traders with shorts and lange positions pay or receive periodically depending on the price difference between the marketplace and the Spot Market.

Financing rates represent the emotions of traders in the market -free futures market and their value is commensurate with the number of contracts within the market. Positive financing rates means the superiority of Long traders, indicating that they are willing to pay for the shorts to the shorts.

According to the Cryptoconor platform data, since the Ethereum financing rate has not changed significantly since September 9, traders’ feelings in the derivative market have also been neutralized.

So it can be concluded that the market is likely to have a neutral process. This happens when supply and demand are almost equal and usually occur during a price stabilization period before the previous trend continues or the new trend begins.

In general, analyzing Anchin Ethereum analysis data reveals the reduction of investor activity in the network.