The host Altcoin Ethereum threw off the total market trend, observing the drop in prices by 2% over the past 24 hours. This happens against the background of a constant reduction in demand for a coin.
Since the purchase pressure will decrease, in the near future ETH risks falling below $ 3,000. This analysis has details.
Ethereum demand loses steam
Evaluation of ETH pulse indicators in the ETH/USD one -day diagram shows Altcoin weakening demand. For example, its relative strength index (RSI) is in a descending trend and below 50 neutral line. At the time of writing this article, its cost is 42.61.
The RSI asset measures its overweight and resold market conditions. It ranges from 0 to 100, and the values above 70 indicate that the asset is overhand, and the values below 30 suggest that it is resold.
ETH RSI installation signals the weakening of the impulse and suggests that the asset may lose the percentage of the purchase, which can lead to a further reduction in prices.
Moreover, at the time of writing this article, the CHAIKIN cash flow from the coin (CMF) is ready to fall below the zero line, confirming the weakening of demand for ETH.
The CMF indicator measures the amount of money entering the asset or from the asset for a certain period. When CMF is going to fall below the zero line, the sale of the sale increases, which indicates a potential bear impulse and a possible reduction in prices.
Price forecast: to decrease to $ 2811 or rally to $ 3476?
During the press, ETH is traded at the level of $ 3175, below the resistance formed at $ 3249. With weakened purchase pressure, the price of a coin can fall below 3,000 US dollars for trading at the level of $ 2811 in the near future.
However, if market moods improve, this may push the price of ETH above $ 3249 by USA by $ 3476.
