The price of ether (ETH) has consolidated in a range of around $ 130 in the last seven days, because $ 2,000 remain a strong resistance to general costs.
Cointelegraph Markets Pro and Bitstamp data show that the ETH price oscillates in a tight range between $ 1,810 and $ 1,960.
ETH / USD daily table. Source: Cointelegraph /Tradingview
The price of the ether remains pinned below $ 2,000 for several reasons, in particular the drop in low -Ethereum network activity and the decrease in TVL, the ETF flows with a negative point and the low techniques.
Negative spot of ETF ETF outputs
The underperformance of the price of the ether can be awarded to the risk behavior of investors, which is visible through funds (ETF). The ETH outputs of these investment products have persisted for more than two weeks.
Ether Ether based in the United States has recorded a sequence of outings in the last seven days, totaling $ 265.4 million, according to Sosovalue data.
ETF ETF flow table. Source: Sosovalue
At the same time, other Ethereum investment products have seen outings totaling $ 176 million. This brings the release of ETPs to $ 265 million up to date, in what the Coinshares research chief, James Butterfill, describes as the “never recorded”.
He noted:
“This also marks the 17th consecutive day of the outings, the longest negative sequence since the start of our records in 2015.”
A low onchain activity hurts at the price of the eth
To understand the main engines of Ether’s weakness, it is essential to analyze the metrics onchain of Ethereum.
The Ethereum network has maintained its leadership on the basis of the 7 -day decentralized exchange volume (DEX). However, metric has decreased in recent weeks, falling by around 30% in the last seven days to reach $ 16.8 billion on March 17.
Ethereum: 7 -day dex volumes, USD. Source: Defillama
Key weaknesses for Ethereum included an 85% drop in activity on the Maverick protocol and a 45% drop in dodo volumes.
Likewise, the total locked Ethereum value (TVL) decreased by 9.3% by one month up to date, down 47% compared to its top of $ 77 billion to $ 46.37 billion on March 11.
Ethereum: total locked value. Source: Defillama
Lido was among the weakest artists in Ethereum deposits, TVL lowering 30% over 30 days. The other notable decrees included clean (-30%), ether.fi (-29%) and maker (-28%).
The objective of the Ether bear flag is $ 1,530
Meanwhile, Ether’s techniques show a potential bear flag on the four -hour table, referring to more drops in the coming days or weeks.
In relation: ETH can at the bottom at $ 1.6,000, sec delays several ET Crypto, and more: Hodler’s Digest, March 9-15, 15
A bear flag is a downward continuation scheme characterized by a small upward pressure channel formed by parallel lines against the dominant decreased trend. It is resolved when the price is decisively breaking below its lower trend line and falls as much as the height of the dominant decrease trend.
ETH bulls are counting on the support of the lower limit of the flag at $ 1,880. A daily candlestick close to this level would signal a lower break in the formation of the graph, projecting a drop at $ 1,530. Such a decision would represent a descent of 20% of the current price.
ETH / USD daily table. Source: Cointelegraph /Tradingview
The relative resistance index is positioned in the negative region at 48, suggesting that market conditions still promote the drawback.
The Bulls will try a daily candlestick near the average flag limit at $ 1,930 (adopted by the 50 SMA) to defend support at $ 1880. They must push the price above the upper limit of the flag of $ 1,970 to invalidate the motif of the graph of the bear flag.
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
