Ethereum Still Sluggish, But Don't Panic!
- Ethereum (ETH) has experienced another price decline, making investors scratch their heads. đ
- Since being rejected at the highest price this year at $4K, ETH has continued to fall and form a descending channel.
- Currently, ETH is in the range of $2K - $2.5K. So, get ready for the consolidation phase!
Technical Analysis:
- On the daily chart, ETH failed to break through the middle of the channel around $2.7K, and fell again.
- On the 4-hour chart, ETH is facing selling pressure in the $2.6K - $2.7K zone, and is now approaching $2K.
Onchain Analysis:
- The 50-day moving average of ETH funding rates continues to decline, indicating bearish sentiment.
- For ETH to recover, demand in the futures market must increase. Otherwise, prices could continue to be depressed.
What do you think? Let's discuss in the comments column!
