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As a result of the last withdrawal in the cryptocurrency market during the weekend, ETHEREUM (ETH) created two gaps in Chicago Mercantile Exchange (CME) at $ 3000 and $ 2600. TED encryption analyst suggests that a short pressure can soon Pushing The price exceeds 3000 dollars, is likely to fill these CME gaps.
Will Ethereum press the short?
Over the past two weeks, ETHEREUM has lost $ 70 billion of the total market value, leaving the market ceiling of $ 268 billion at the time of writing this report. According to data from Excination Binance Crypto, ETH was a decrease of $ 1993 on March 4.
Although Ethereum is currently being traded in a low -2,000 dollar range, analysts believe that short pressure can benefit bulls. TED took to X to exchange his analysis on the current price of ETH.
The analyst indicated that ETH has important CME gaps to fill the short term: one at $ 3000 and the other at $ 2,600. TED also indicated that since Q1 2024, ETH filled all CME gaps, so it will not be surprising to see these gaps full of.
Excessive emotional emotions surrounding ETH can be a catalyst that leads to tremendous short pressure. analyst Make up:
I think we can soon see a huge short pressure, which will fill the first gap CME. After that, there can be some monotheism before heading ETH is higher.
For unprecedented, the CME gap indicates the price difference that occurs on the future ETHEREUM contracts traded on CME when the market closes the weekend and reopens it at a different price. Traders often see these gaps, as ETH historically tends to “fill” her by reviewing the level of the price in which the gap occurred.
Likewise, short pressure occurs when traders who bet against assets are forced to share their sites with the price rising quickly due to the unexpected upper momentum. This increase in purchasing pressure can increase the high price of assets, which leads to forcing references and high prices.
Multiple rising signs for ETH, but feelings need to improve
His colleague, Merlijn, seems to be a trading analysis corresponding to TED’s. Trading male The ETH (RSI) is in the “critical level”, highlighting that every time the digital asset enters this region, it followed a big step.
Other positive signs, such as the difference, appear Suggest A possible escalation step for Ethereum. However, it would be wise to wait for similar upwards developing on the long time frames before entering the market.
While these indicators may indicate a possible gathering in ETH, the total feelings surrounding the digital currency Continuing Be in stagnation. At the time of the press, ETH is traded at $ 2221, an increase of 1.4 % in the past 24 hours.
Distinctive image from Unsplash.com, plans from x and tradingview.com
