Ethereum (ETH) has been facing a tough time in the market, shedding 12.44% of its value in the last 30 days. This is in stark contrast to Bitcoin (BTC), which has only lost 4.74% during the same period. The struggle to defend key support levels has been evident in ETH’s performance over the past six weeks, with the price hovering around the $3k mark, much to the amusement of ETH holders and bulls.
Despite the bearish sentiment surrounding ETH, whale accumulation has continued, with a $30 million withdrawal from Binance not reflecting the overall market sentiment. However, various metrics, including price action and Coinbase Premium, have pointed towards firm selling pressure in recent weeks.
A recent analysis by crypto analyst Ali Martinez on X (formerly Twitter) showed a slowdown in network growth, with a decrease of 9.32% in new addresses over the past week. This indicates reduced adoption and demand from newcomers to the Ethereum chain. On the other hand, the 7-day active address change saw a positive swing of 7.7%, suggesting higher trading and network activity despite fewer newcomers.
The Coinbase Premium, which tracks the percentage difference between Ethereum prices on Coinbase and Binance, has been in negative territory for a majority of the past month. This negative premium indicates greater selling pressure and weak buying from U.S-based investors, highlighting a cautious approach to ETH from these traders.
Looking at the price action over the past two months, ETH has shown a range formation followed by lower lows as BTC experienced a crash. With BTC trading at $96.5k at the moment, ETH is valued just under $3.2k. The On-Balance Volume (OBV) and Relative Strength Index (RSI) also indicate steady selling pressure and bearish momentum since December.
In order for swing traders to adopt a bullish bias, ETH needs to reclaim the $3.4k resistance zone. The current market conditions suggest a cautious approach to ETH trading until this key level is breached.
Overall, the market sentiment towards Ethereum remains cautious, with various indicators pointing towards selling pressure and a lack of demand. Traders and investors will be closely watching the price action and key resistance levels to gauge the future direction of ETH in the market. The world of fashion is constantly evolving, with trends coming and going at a rapid pace. One trend that has been gaining traction in recent years is the rise of sustainable and eco-friendly fashion. As consumers become more conscious of their impact on the environment, they are seeking out clothing brands that prioritize sustainability and ethical practices.
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