As Ethereum shows weak movement in the $1,500 range and is losing its upward momentum, there are suggestions that it could decline to $1,100.
Currently, Ethereum is hovering near the $1,500 support level maintained since January 2023. With trading volume significantly decreased and market volatility extremely low, this is interpreted as a signal that significant price movements may occur in the future.
Looking at the daily chart, $1,500 is serving as a key psychological and technical support line. If this level breaks, analysis suggests additional decline could continue to $1,100. However, in the short term, there is also room for a rebound attempt towards the $1,800 resistance line.
On the 4-hour chart, a narrow box range continues between the $1,500 support line and the top of the $1,600 downward channel. If breaking upward in this range, a short-term rebound to $1,800 is possible, but if breaking downward, a decline to $1,100 is expected.
On-chain data shows the futures market funding rate has dropped to near zero. This is similar to the pattern from September-November last year, when a long-term consolidation was followed by a significant decline and then a strong rebound.
The current low funding rate and consolidation suggest the market may have entered an accumulation phase. However, additional decline is possible in this period, requiring investor caution.
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