Hey there! It seems like Ethereum’s price hasn’t been performing too well lately. After reaching a peak near the end of last year, it hasn’t managed to break through another record high and is currently experiencing some bearish movement. This has left many investors wondering if the bull run might be over.
Let’s take a closer look at some factors contributing to this situation. Technical analysis suggests that although Ethereum rebounded from its support level near $2,300 in early November, it hasn’t been able to overcome significant resistance at around $4,000. As a result, the price has dropped back down, breaking through another key support level at $3,500.
Analyzing the sentiment in the futures market also provides some insight. The Taker Buy Sell Ratio, which measures the ratio of market orders placed by buyers versus sellers, has been consistently lower than one for over a year now. This indicates that there’s been significant selling pressure in the futures market, which could contribute to the current correction.
However, despite these challenges, as long as Ethereum’s price remains above its 200-day moving average, the overall market trend can still be considered bullish. So, while things may seem uncertain right now, it’s important for investors to stay informed and keep an eye on potential opportunities going forward.
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