CoinInsight360.com logo CoinInsight360.com logo
A company that is changing the way the world mines bitcoin

WallStreet Forex Robot 3.0
coinpedia 2025-02-06 20:33:45

Ethereum (ETH) Set to Hit $2,200 Level, Here’s Why

The post Ethereum (ETH) Set to Hit $2,200 Level, Here’s Why appeared first on Coinpedia Fintech News Ethereum (ETH), the world’s second-largest cryptocurrency by market cap, is poised for a massive price decline as it has formed a bearish price action pattern on its daily timeframe. However, investors and long-term holders seem to be taking advantage of this market outlook and are continuously accumulating tokens, as reported by the on-chain analytics firm Coinglass. $321 Million Worth of ETH Outflow Data from spot inflow/outflow revealed that during Ethereum’s ongoing price decline, exchanges have witnessed an outflow of over $321 million worth of Ether tokens, suggesting potential accumulation. Such outflows in a bearish outlook hint at an ideal buying opportunity and could lead to buying pressure and a further upside rally. Traders Strong Bets on Short Positions Meanwhile, intraday traders seem to be following the current market sentiment. According to Coinglass data, traders are strongly betting on the short side. As of now, the two major liquidation levels are near $2,680, where traders hold $73.50 million worth of long positions, while $2,780 is another major liquidation level, where traders hold $325 million worth of short positions. Source: Coinglass This data shows how bears are betting on the current sentiment, which is leading to a continuous price drop. Current Price Momentum Ether is currently trading near the $2,690 level and has witnessed a price drop of 1.30% in the past 24 hours. However, during the same period, due to the bearish market sentiment and ongoing market uncertainty, its trading volume dropped by 25%, indicating lower participation from traders and investors compared to the previous day. Ethereum (ETH) Technical Analysis and Upcoming Level With all these factors, experts’ technical analysis suggests that Ethereum has turned bearish, as it has failed to hold above the crucial support level of $2,800 and seems to be continuously falling. Source: Trading View Based on the recent price action and historical momentum, if ETH closes a daily candle below the $2,700 level, there is a strong possibility it could fall by 20% to reach the $2,200 level in the future. However, ETH’s Relative Strength Index (RSI) is near the oversold area, suggesting a bearish trend and the potential for further price drops.

Loe lahtiütlusest : Kogu meie veebisaidi, hüperlingitud saitide, seotud rakenduste, foorumite, ajaveebide, sotsiaalmeediakontode ja muude platvormide ("Sait") siin esitatud sisu on mõeldud ainult teie üldiseks teabeks, mis on hangitud kolmandate isikute allikatest. Me ei anna meie sisu osas mingeid garantiisid, sealhulgas täpsust ja ajakohastust, kuid mitte ainult. Ükski meie poolt pakutava sisu osa ei kujuta endast finantsnõustamist, õigusnõustamist ega muud nõustamist, mis on mõeldud teie konkreetseks toetumiseks mis tahes eesmärgil. Mis tahes kasutamine või sõltuvus meie sisust on ainuüksi omal vastutusel ja omal äranägemisel. Enne nende kasutamist peate oma teadustööd läbi viima, analüüsima ja kontrollima oma sisu. Kauplemine on väga riskantne tegevus, mis võib põhjustada suuri kahjusid, palun konsulteerige enne oma otsuse langetamist oma finantsnõustajaga. Meie saidi sisu ei tohi olla pakkumine ega pakkumine