Ether Leeum (ETH) recorded slight profits last week, up 2.80%. Nevertheless, the noticeable Altcoin is far from increasing the decline by December. Ali Martinez, a famous market analyst in this weak market, emphasized the price level of price to determine whether ETH is suitable for entering the market after the modification of ETH.
Ether Lee: Purchase opportunities or more disadvantages?
Martinez explains that Ethereum increased 57% in the top of $ 4,100 in December in December. This decrease is due to the extensive distribution of the large Ether Leeum holder, especially the whale. In the last four months, the number of wallets with 10,000 ETH has decreased to 80. Meanwhile, ETH Whale offered 130,000 ETH for a wallet with more than 100,000 ETH.
During the decrease in ETH, Etherum Spot ETF suffered enormous withdrawal as shown in a net leak of $ 770 million last month. Investors also transferred 100,000 ETH to investors with the intention of selling them with fear of price loss.
In the future, Martinez further suggests the disadvantages of Ethereum under this intense sales pressure. For example, on the 3rd chart suggests that the triangular triangle breakdown may be a price target of about $ 1,000.
On the other hand, the ETH price -set band emphasizes $ 1,440 with another goal of falling, showing a decrease of 27.4% of the current market price. Interestingly, the data of the cost -based distribution is related to two weak projects because Ether Reeum is currently higher than the main support of $ 1,887. However, the price is lower than this level, the lower targets such as $ 1,440, $ 1250 and $ 1,000.
Nevertheless, Martinez points out that there is a possibility of recovering the ETH market. The analysts point out that the ETH Bulls faces serious resistance between $ 2,250-$ 2,610 by analyzing the amount of ETH acquired at each price level. If ETH Bulls can pass this resistance, it will invalidate the current weak market outlook.
Ether Leeum Price Overview
At the time of writing, Ether Leeum was traded at $ 1,985, reflecting 1.10%of the last seven days and 2.10%in the last seven days. But Altcoin decreased 27.32% last month. The largest Altcoin Ether Leeum in the market is a $ 239 billion market cap, accounting for 8.7%of the total crypto market.
Chart of TradingView, the main image of LEDGER Insights
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