Ethereum: Did recent profits make a difference?

Ethereum: Did recent profits make a difference?

For many, Ethereum is currently a source of concern as its pricing behavior is generally not moving in the right direction, despite recent recovery efforts. In fact, the world’s largest altcoin is not only losing investors, but also a lot of money from the market.

For example, ETH’s market capitalization has fallen by 21.6% in the last 21 days. Does the big picture indicate a possible future breakdown of ETH prices, despite some gains in the last 24 hours?

Will Ethereum fall again?

The coin was unable to maintain its position consistently on the chart, but at least prevented it from falling much before profits began.According to popular analysts Rekt CapitalFor example, altcoin went through its wedge structure. This wedge structure consolidates the coin within the trend line, and in most cases it is expected that the coin will go beyond it to participate in the rally.

“ETH is collapsing from its blue wedge structure.
Prices are currently putting pressure on the orange support area. Here, #ETH has rebounded twice in the last two months.
Rebounds can occur here, but they can be weaker than before. “

As emphasized earlier, the rebound has come in the form of a larger market that will recover somewhat on the price chart. But whether it gets weaker is another matter.

ETH critical support and breaker level | Source: Michael Van de Poppe

It didn’t work, so it’s best to think in a small, less complicated way. Analyst Michael Van de Poppe briefly mentioned a very important level of altcoin. If Ethereum falls back to its previous level again, significant support can be expected to remain in the $ 1500- $ 1700 range. However, the critical breaker will stay in that position for $ 2,400.

I even agree with the metric

Despite the rise over the last 24 hours, Ethereum’s main charts showed how bearish these instances were. First of all, the MVRV ratio emphasized that ETH is in the less profitable or less profitable zone at the time of press. In fact, it was an invisible level in over 9 months.

Ethereum MVRV ratio | Source: Glassnode – AMB Crypto

You can also observe the used output profit margin (SOPR), and the indicator highlights the value of the coin sold against the value when it was created. According to the same thing, ETH is currently at a loss. At the 30-day SMA, the ETH market looked very bearish, adding the possibility of a stronger decline on the chart if altcoin could not sustain a recovery.

Ethereum SOPR | Source: Glassnode – AMB Crypto

But despite all the bearish clues, there was still some hope, as evidenced by the NUPL chart. Although the indicator was in the yellow zone, it still represented bullish and positive clues as it represented optimistic market sentiment.

Ethereum NUPL | Source: Glassnode – AMB Crypto

It’s a clear mystery where the coins go from here, but the market isn’t in a position to move sideways, so you need to invest carefully.

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