Ethereum ETH witnessed a 24% decrease within a week, and this led to the breaking level of decisive support at 2200 dollars, this decrease reflects a decrease of approximately 50% of the highest level reached in late 2024 at 4100 dollars.
Currently, Eterium ETH is trading at $ 2132, and this is a foreground of deeper correction.
Planting affects bears
The bears affect the “panic vendors at low prices” in the market and in the futures market, the long to short contract rate is 0.9384 times.
This is shown that a little larger than the declining centers, and in addition, speculators are forced to climb to pay a bonus to maintain their long positions.
This is inferred from the financing rate, which is 0.0048%, and the open interest decreased by 10.16% to $ 19.15 billion.
In addition, the liquidation of long contracts amounted to $ 186 million, with a total liquidation of 218 million dollars during the past 24 hours.
Institutions sell Eterium ETH
Amid the low prices of Eterium ETH, institutions’ support for the currency and the total net daily flow of ETF boxes recorded the currency in the American markets, an external flow of $ 71.08 million at the end of last month.
At a time when most boxes maintained zero net flows, Blackrock has emptied $ 26 million in the market, followed by Fidelity by selling $ 25.45 million, while Grayscale sold approximately $ 20 million.
This represents the sixth decrease between the declines in Ethereum ETH since February 20.
With the breaking level of $ 2,200, the currency is traded at levels that have not been seen since September 2024, knowing that in August and September last year, it managed to apostasy.
At the present time, it is at that level, but if this is broken, it may lead to its surrender and decline to lower levels.
On technical indicators, the MACD index gives a declining intersection and the RSI lineage indicator line is located below the middle level.
It is close to the boundary of the saturated saturation area, and analysts explain that it is a sales sign for the currency.
Based on technical analysis, the main support level below $ 2,200 is $ 2000, and the level of decisive support is followed at 1542 dollars, and the last time the currency reached that price was in October 2023.
