ETH prices have been integrated within the last seven days of the last seven days because $ 2,000 remains a strong overhead resistance over the last seven days.
According to the data from Cointelegraph Markets Pro and BitStamp, ETH prices vibrate within the tight range between $ 1,810 and $ 1,960.
ETH/USD Maeil Daily Chart. Source: COINTELEGRAPH/TradingView
Ether Price is fixed to less than $ 2,000 for various reasons, including Ethereum’s weak network activity, tvL reduction, negative spot ETF flow and weak technologies.
Negative Spot Ether Leeum ETF Leak
Ether’s low price can be attributed to an investor’s dangerous-off behavior, which can be seen in the Spot Ethereum Exchange-Traded Fund (ETF). ETH leaks of this investment product lasted for more than two weeks.
The US -based SPOT ETHER ETF has leaked a total of $ 265.4 million in the last seven days, according to SOSOVALUE’s data.
Ether ETF Flow. source: Sokal
At the same time, other Etherrium investment products have leaked a total of $ 170 million. As a result, James Butterfill, the research director of Coinshares, brings monthly leaks to Ether ETP to $ 265 million at James Butterfill, the research director of Coinshares, who described as “the worst record.”
He was noted:
“This also represents the day of 17 consecutive leaks, the longest negative march since our record began in 2015.”
Weak onChain activity hurts ETH prices.
To understand the main drivers behind Ether’s weaknesses, it is essential to analyze the onchain indicator of Ethereum.
Ether Leeum Network maintained its leadership based on the volume of distributed exchange (DEX) on the 7th. However, the indicator has decreased over the last few weeks, decreasing about 30% over the last seven days, reaching $ 16.8 billion on March 17.
Ether Lee: 7 days Dex Volume, USD. Source: Defillama
The main weaknesses of Ether Leeum were 85% decreased in the Maverick protocol and the amount of DODO was 45%.
Similarly, Ether Lee’s total value lock (TVL) decreased by 9.3% per month, down 47% in March 11 from $ 77 billion in January.
Ether Leeum: Total value lock. Source: Defillama
LIDO was one of the weakest performers in Ethereum deposits and tvL decreased 30% over 30 days. Other notable reductions include inherent layers (-30%), Ether.fi (-29%) and manufacturers (-28%).
Etter’s bear flag is $ 1,530
On the other hand, Ether’s technology shows potential bear flags on a four -hour chart, which suggests more disadvantages in the next few days or weeks.
relevant: ETH delays $ 1.6K and SEC delays multiple password ETFs. HODler’s DIGEST, March 9-15
Bear flag is a downward continuous pattern featuring a small, top sloping channel formed in parallel to the dominant decline. It is resolved when the price is decisively destroyed under the lower price trend and falls by the height of the prevailing trend.
ETH Bulls relies on the support of the lower border of the $ 1,880 flag. If the candlestick is near this level, the weak brake out will be reduced to $ 1,530 in the chart formation. Such movements represent 20% down at the current price.
ETH/USD Maeil Daily Chart. Source: COINTELEGRAPH/TradingView
The relative robbery index suggests that market conditions still prefer disadvantages, located in the 48 negative region.
The bull will try to close the candlesticks every day on the middle boundary of the flag with $ 1,930 (accommodating 50 SMA) to defend $ 1,880 support. In order to invalidate the bear flag chart pattern, it is necessary to pursue the price of more than $ 1,970 of the flag.
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.