ETHEREUM ONChain data indicates that the price of ETH $ 2K is now out of money

Ether (EthThe price has been combined in a range of approximately $ 130 over the past seven days, as it is still 2000 dollars strong resistance.

Data from Cointelegraph Markets Pro Bitstamp explains that the price of ETH swings in narrow limits between $ 1,810 and 1960 dollars.

The ether price remains installed less than 2000 dollars for several reasons, including lower ETHEREM’s weak network activity, TVL reduction, negative ETHEREM ETF flows, and weak technology.

Negative spot ethereum etf flows

Performing performance in ETHER price can be attributed to risk investor behavior, which is visible across ETHEREUM (ETFS). Out of these investment products continued for more than two weeks.

The US -based ETHE ETHE ETHEFS has registered a series of external flows over the past seven days, with a total of $ 265.4 million, according to data from Sosovalue.

At the same time, I saw other Ethereum products Foreign flows totaling 176 million dollars. This brings external flows by Ether to 265 million dollars, in what Coinshares Research, James Butterfill, described as “the worst on the record”.

He referred to:

“This also represents the seventeenth consecutive day of external flows, and it is the longest negative chain since our records began in 2015.”

The weak ONChain activity hurts the price of ETH

To understand the main drivers behind ETHER weakness, it is necessary to analyze the ethereum’s onchain.

Ethereum has maintained its leadership based on the 7 -day decentralized exchange. However, the scale has decreased over the past few weeks, as it has decreased by almost 30 % in the past seven days to $ 16.8 billion on March 17.

Ethereum’s main weaknesses included a 85 % decrease in the MAPRIC protocol and 45 % decreased in Dodo sizes.

Likewise, ethereum Total closed value (TVL) fell 9.3 % from month to date, a decrease of 47 % of its highest level in January from 77 billion dollars to $ 46.37 billion on March 11.

Lido was among the weakest performance artists in Ethereum deposits, as TVL decreased by 30 % over 30 days. Other prominent declines included Eigenlayer (-30 %), ether.fi (-29 %), and maker (-28 %).

The goal of the ETHER bear is $ 1530

Meanwhile, techniques appear in Ether possibilities Inform On the four -hour graph, which is hinting along with a more negative side in the coming days or weeks.

Related to: ETH may decrease at $ 1.6,000, delay SEC ETFS multiple Crypto, and more: Hodler’s Digest, from 9 to 15 March.

The bear mark is a declining continuity style characterized by a small connected channel consisting of parallel lines against the prevailing direction. It is resolved when the price is decisively broken down to the bottom of the lower direction and falls as much as the prevailing trend.

ETH is based on support from the lower border of science at $ 1880. The daily candlestick, which closes at the bottom of this level, will indicate a declining outbreak of the formation of the graph, which exposes a decrease to 1530 dollars. Such a step represents the descent of 20 % of the current price.

the Relative power index It is placed in the negative area in 48, indicating that market conditions still prefer the downside.

The Bulls team will try to close the daily candlestick over the central border of science at 1930 dollars (considered 50 SMA) to defend support at $ 1880. They must pay the price above the science limit of $ 1970 to nullify the style of the flag.

This article does not contain investment advice or recommendations. Each step includes investment and risk trading, and readers must conduct their own research when making a decision.