Ethereum (ETH) is showing signs of a potential downturn, having crossed a crucial resistance level of around $2,843.
Ethereum (ETH) encountered a crucial resistance level of around $2,843, preventing it from continuing its rally and instead facing increasing bearish signals from both technical analysis and on-chain data.
After crossing the $2,843 level, which also aligns with key daily resistance at $2,927, ETH could potentially experience a significant drop. If it fails to hold above this resistance, the next support level lies at $2,118 weekly.
Technical indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are positioned below their neutral levels, suggesting a bearish trend. Moreover, Ethereum’s Exchange Flow Balance, which measures the net flow of ETH into and out of exchanges, experienced a substantial increase. The balance surged from -62,018 to 20,707 between Tuesday and Wednesday, indicating increased selling activity among investors.
Recent activities involving Ethereum’s founder and major market players also contribute to the bearish sentiment. According to Lookonchain, Vitalik Buterin transferred $534,000 worth of ETH to the Kraken exchange. This move could amplify selling pressure and further impact Ethereum’s short-term outlook.
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