Key Points:
- Ethereum’s price fell below the critical 100-day and 200-day moving averages, indicating a bearish sign.
- The price found support at the $1.6K level, suggesting the possibility of a recovery and pullback.
- In the 4-hour timeframe, ETH lost support at $1.8K but found temporary support at $1.5K, leading to sideways consolidation.
- An on-chain analysis of Ethereum’s funding rates indicates a lack of interest in going long, potentially signaling a bearish trajectory.
- Despite the bearish sentiment, a minor corrective phase could precede a more pronounced downward trend.
Hot Take:
Ethereum’s recent price drop below key moving averages and the subsequent consolidation phase indicate a bearish sentiment in the market. However, the support at $1.6K and the possibility of a minor corrective phase offer some hope for a potential recovery. The on-chain analysis suggests a lack of interest in going long, which could lead to further downward pressure. Overall, the future trajectory of Ethereum’s price remains uncertain, and traders should closely monitor the funding rates and price movements for potential opportunities or risks.
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