ETH

Technical Analysis

In the past 300 days, the price of ETH coins has been highly volatile. As seen in the price chart, strong support and resistance levels are forming in the range of 3,000,000 points. This support level starts at 2,800,000 points and has recently failed to exceed 3,000,000 points, showing a downward trend again. The MACD (Moving Average Convergence Divergence) indicator currently indicates a bearish signal, with both the 12-week and 26-week moving averages showing a downward trend. Additionally, the Stochastic Oscillator has entered the oversold region, suggesting further downside potential. There is a high likelihood of breaking out of the strong resistance line in at least 2-3 weeks, so taking a sell position may be a better choice.
The current RSI (Relative Strength Index) is at 35, indicating an oversold signal, which generally suggests the possibility of a rebound, but this figure is disappointing as it shows a similar pattern to previous declining cycles. Therefore, it is important to note that technical indicators are giving sell signals.

External Factors Analysis

Recently, the Ethereum market has been influenced by several key external factors. After the ETH 2.0 upgrade, users have been staking more Ether, leading to a decrease in liquidity. This has acted as a factor reducing the potential for short-term price increases and increasing selling pressure. Furthermore, the U.S. monetary policy and regulatory environment have a significant impact on the entire cryptocurrency market. Anticipated interest rate hikes are likely to lower risk appetite for assets and induce selling of popular assets like cryptocurrencies. Moreover, due to global economic uncertainty, there has been an increase in the preference for safe-haven assets, leading to selling pressure.
Recent news has also contributed to increasing volatility in the cryptocurrency market. Regulatory discussions in the European Union and the U.S., along with concerns about cryptocurrencies in major countries like China, have raised significant worries among investors, which can negatively impact investor sentiment. These external factors play a decisive role in making sell decisions alongside technical analysis.