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Since the beginning of this year, less than Ethereum performs compared to the main digital assets on the market. Poor performance Fears within society have sparked, as traders find it difficult to determine whether Altcoin is preparing for a large crowd or other negative pressure. However, the current price procedure shows that ETH may be set for the short -term price recovery.
Graphic style hints to recover for Ethereum
In the X Publishing (previously on Twitter), Ali Martinez, technical expert and trader, High Aleppo development in the ETHEREUM chart. The expert pointed to the formation of a major planning style, which may rule the upscale momentum and pushing ETH towards the main resistance levels.
Going to ethereum“The last basic procedure”, the pattern of a parallel channel appeared in the time frame for one day. Specifically, the parallel canal is a technical chart pattern created by delivering altitudes and declines with two parallel trend lines. The composition of the graph helps this investors and merchants to determine the possible entry and exit points at the price of encrypted currency.
Nowadays, Ali Martinez indicated that altcoin It tests the lower boundaries of the main pattern, as it may secure enough power to move to the upward trend. If the pattern set up a bounce of ETH to restore $ 2,350, it will nourish a strong recovery about $ 3,000 and $ 4000.
Since the original tests the lower boundaries of the pattern, it clarifies this Eth at a pivotal intersection Because he is preparing for his next movement. As ETH is near the main resistance levels, the upscale momentum continues to construction, which increases the possibility of recovery due to a decisive outbreak.
Investors have reduced their exposure to ETH
Amid the homosexual movements, the data on the chain appears as a decrease in ETH exposure between investors. accident a report From the data on the chain and the financial platform, Glassnode reveals that Ethereum investors run their exposure activity during this turbulent period.
ethereum It was recovered to a $ 2050 area after an increase to about $ 2,500The last time it was seen in November 2023, and may contribute to the current shift in investor behavior. Looking at the GLASSNODE scheme in the display for 3 months, there is a strong post from the initial cost investors at the $ 3500 sign.
The data indicates that these bearers reduced their exposure in February, where they entered the local summit at $ 2,500 and the bottom at $ 2050. Moreover, these first hawks reduced Cost basis About 10 % and currently holds more than 1.75 million ETH at $ 3,200.
Even with the low Ethereum price, this trend continued. On March 1, Glassnode indicated that 500,000 ETH was purchased at $ 2,200, but was immediately redistributed at a local summit worth $ 2,500.
Meanwhile, the 2800 dollar sign is the first main resistance barrier, with 800,000 ETH. Glassnode expresses great importance to this level as the price recovery in this field is likely to occur.
Distinctive image from Unsplash, Chart from TradingView.com
