Ethereum $1,818.10In the light of recent technical decline and on-ach data, it attracts the attention of investors. Analyst Bit Bull says that the price of ETH can go down to $ 1600 as a result of breaking the symmetrical triangular formation. Market data show that Ethereum’s trading at six $ 1800 levels may be a harbinger of this decline.
Ether decrease model
According to Bit Bull’s analysis, the price of Ethereum enters the re -test period after experiencing a downward break from the symmetrical triangle formation. This situation points out that investors should be cautious when drawing a negative picture in the technical analysis with the decrease in the transaction volume. ETH’s price of $ 1800, which is accepted as a psychological support level, raises the possibility of a sharper decline in the market.
Bit Bull: “Following the break and re -test, there is a sharper possibility for Ethereum.
While breaking the symmetrical triangle is considered as an important signal that shows that the price will move downward in the short term, technical indicators are closely monitored by investors.
On-Chain data and market sensitivity
On the other hand, On-Chain data support Ethereum’s decline process. In recent months, the number of active addresses on the network decreases significantly, while the decreases in transaction fees and wages per transaction offers signals that the market moves on a decline. This shows that the price may remain under downward pressure due to the increase in supply in the long term.
The increasing supply of ETH after the merger creates potential risks for investors, while the probability of reaching higher levels in the short term is considered if the support point of $ 1800 is preserved. In addition, the Standard Chartered Analyst points out that Ethereum can reach $ 4000 by the end of the year with a revision in his previous estimates.
The transaction volume throughout the market is about 7 billion dollars. The movements of major investors may have a direct impact on the ETH price and increase the uncertainty in the market.
In the light of the technical and on-achain data given, it is important that investors closely follow market development. Since it is thought that a wider price decline in case of support levels is broken, it is recommended to be careful against the fluctuations in the market.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
