The bears come back again .. Will Etharium fall under the level of $ 2,344 soon?

Ethereum continues its side moves without decisive breakthroughs in the price, which reflects a state of stagnation that controls the currency performance in recent days, and ETH is currently being trading around the level of $ 2,476 without being able to overcome important resistors at a time when anxiety is increasing among investors, especially among the senior currency holders, who are starting to go for sale instead of keeping.

Increased sale indicators raises concerns

The data of the Ethereum Center change on trading platforms indicates the return of large quantities of ETH to the stock exchanges, which is a usually negative signal, and during the past five days only, nearly 350,000 units of ETH have been sold at a value of more than 870 million dollars, and this wave of sale reflects weak confidence between investors, especially with the absence of any strong signs of pricing recovery.

It is noteworthy that the sales operations were not limited to young investors, but also included senior holders, who are usually more impatient in dealing with market fluctuations, and this trend reflects the decline in optimism over the future of Ethereum in the short term, and may reflect the conviction that the currency will not achieve significant gains in the short term.

The confidence of the holders increases the pressure

Besides, the data related to the “destroyed currency days” indicated an increase in the sale activity by the long -term holders, an indicator that worries investors because these people usually represent the backbone of any digital currency project, and the height of this indicator means that the old governor has begun to move and get out of the waiting situation, which increases the chances of the price decrease due to the abandonment of long confidence in their positions.

This additional pressure on the side of the long -term holders may increase the difficulty of retaining its momentum, and leads to an additional price decline, and may enter the currency in a period longer than the recession or even the sharp decline.

Resistance continues, but support is threatened

At the present time, Ethereum is still holding above a local support level at $ 2,476, but the data indicate a state of weakness in public performance, and with no clarity in the market in general, the risk of breaking this level remains existing, which may push the currency to drop to lower levels such as $ 2,344 or even 2,205 dollars, which means continuing losses and consolidating the negative view.

Nevertheless, there remains a possibility of my price apostasy if Ethereum succeeds in maintaining the current support level and sales pressure has decreased, and if the price is able to hold the market and the market regains some optimism, the ETH may rise again to 2,606 levels or even 2,681 dollars, which may dispel negative expectations and restore confidence to the market.