Ethereum

On March 2, 2024, the overall cryptocurrency market, including Bitcoin, Ethereum, Solana, and others, experienced a massive decline in their prices. Specifically, the second-largest cryptocurrency, Ethereum, saw a price drop of over 5.5% and is currently trading below its 200EMA (Exponential Moving Average) in the 4-hour time frame. Why Ethereum price is falling? 
According to price action and technical analysis parameters, if any assets, including stocks, cryptocurrencies, forex pairs, etc., are trading below the 200 EMA in either the 1-hour, 4-hour, or weekly time frames, or on the daily time frame, then the asset’s price tends to fall or experiences a significant drop.
One more thing that will blow everyone’s mind: in the last 24 hours, more than $440 million worth of Ethereum has been transferred from different wallets to various cryptocurrency exchanges, including Coinbase, Bybit, and Binance. This massive transfer of ETH to decentralized exchanges (DEX) might be a reason for the significant price fall of over 5.5%. Ethereum’s technical analysis and key levels 
According to expert technical analysis, Ethereum is bearish on a 4-hour time frame. The reason behind the bearish sentiment is trading below the 200 EMA and also experiencing a breakdown of the ascending triangle pattern. As it is trading below the 200 EMA and has experienced a breakdown of an ascending triangle pattern, there is a high probability that the ETH price may hit $3,290 and later $3,160 levels. Source: TradingView 
Additionally, aprominent trader and analyst made a post on X (previously Twitter) and highlighted that if Ethereum falls below $3,460, it’s concerning for bullish investors. It means there’s a higher chance Ethereum could drop to $2,850 or even lower. 
Currently, Ethereum is trading near $3,350, and in the last 24 hours, it experienced a massive price drop of 5.64%. If we look at the performance of Ethereum over a longer period, in the last 7 days, Ethereum’s price experienced a downside momentum of 8.5%, whereas, in the last 30 days, Ethereum’s price is down by nearly 2%.
However, on the other hand, besides this massive $440 million worth of Ethereum transfers from wallets to DEXs, nearly $140 million worth of Ethereum has also been withdrawn from DEXs. This huge withdrawal from DEXs highlights that investors as well as <a href="https://news.todayq.com/why-is-blackrock-ceo-still-bullish-on-ethereum-etf-despite-regulatory-scrutiny/" rel="noopener noreferrer nofollow">crypto whales</a> are taking advantage of the current situation and accumulating ETH at a lower level.

Ethereum breaks below 200EMA, bullish or bearish signal?

Todayq News

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