Ethereum jumped on Saturday and broke this month's low of $1,762. At the time of publication it was trading at around 1940.57.ETH, the second-largest cryptocurrency, remains in a deep bearish trend, after falling more than 53% from its December high.
One reason for the ongoing sell-off is that investors are on edge as the cryptocurrency and stock markets decline due to President Donald Trump's tariffs.
Third-party data shows that Wall Street investors continue to sell their Ether ETFs. According to SosoValue, all Ethereum ETFs have lost more than $143 million in assets this week, which is significantly higher than the $119 million loss last week.
They have lost more than half of their assets over the past three years. Also, on the positive side, there are signs that some investors are buying on dips. Donald Trump's World Liberty Financial has bought more than $540,000 worth of ETH. Additional data from CryptoQuant shows that whales are continuously accumulating ETH. As shown below, the balances of these large investors have surged in recent months.
The daily chart shows that Ethereum's price has stabilized in the past few days. It rose from a low of $1,762 to $1,930.
Ethereum failed to turn the important psychological point of $3,000 into support. It also remains below the important resistance level of $2,115, the August low, and the triple top point neckline of $4,000.
Ethereum formed a death cross pattern when the 50-day and 200-day moving averages crossed. It also formed a bearish pennant, indicating further declines ahead. This bearish outlook will be confirmed if it drops below this month's low of $1,762.
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