🔡🔡🔡🔡🔷 WHY IS THE PRICE OF ETHEREUM (ETH) DECREASING? 😱
🎆 MARKET OVERVIEW:
Ether (ETH) fell more than 1.66% to $3,700 on May 30, as part of a broader market correction, with the total cryptocurrency market capitalization falling as much as 2.50%. 📉
🎆 MAIN FACTORS CAUSING ETH PRICE TO DECREASE:
✔️ 1. INCREASED BOND YIELD:
Weaker demand for short-term U.S. Treasuries has led to rising bond yields. This makes safe investments more attractive and capital withdrawal from cryptocurrencies. 📈💼
✔️ 2. DECLINE IN ETH HOLDINGS OF LARGE INVESTORS:
A notable decline in the amount of ETH held by large investors, or "whales", has put further pressure on the price. 🐋📉
✔️ 3. OVERBUYING ADJUSTMENT:
Ether's decline began on May 29 when its 4-hour relative strength index (RSI) approached overbought territory. The overbought RSI often precedes a correction. 📊⚠️
✔️ ETH has also formed a double top pattern, a bearish reversal indicator. If ETH breaks below the neckline support at $3,684, it could drop to $3,400, in line with the 200-4H exponential moving average (EMA). 📉📉
A rebound from the neckline support on increased trading volume could invalidate this pattern, targeting a rise to around $3,850. 🚀📈
Explore more:
Current Ethereum price
🕵️♂️[Bond yield information](https://www.bloomberg.com/news/articles/2024-05-28/treasuries-steady-before-debt-auction-rush-and-inflation data play)
📊Detailed analysis on Cointelegraph 🔍
Keep calm and watch the market! 📊💪✨
