In Ethereum, short-term investors (STHs) are realizing profits from recent price increases while experiencing increased selling pressure. This situation may delay the formation of the expected Golden Cross formation in technical terms.
The price of Ethereum reached $2,473 this week with an 11% increase. If the $2,476 level is not maintained as support, upward momentum may weaken.
If sales accelerate, the price of Ethereum may pull back to $2,344 or $2,205. On the other hand, if the price remains above the $2,476 resistance, it may rise to $2,681, indicating a strengthening bull market.
Ethereum has recently recovered from monthly low points, giving investors hope again. With this development, short-term investors may be moving their assets to cryptocurrency exchanges to realize profits.
Increasing selling pressure indicates that the market is struggling, while also questioning the likelihood of the Golden Cross formation occurring.
Short-Term Investors are Taking Profits
Active deposits on the Ethereum network have reached a five-month high with a significant increase in the last 24 hours. This increase particularly indicates that short-term investors prefer to take profits from the recent rise. Those who benefited from the gains seen this week are likely to be this group.
However, long-term investors (LTH) are not selling due to no increase in the Coin Days Destroyed (CDD) metric. This indicates that the selling pressure is primarily coming from short-term investors.
Golden Cross Formation is Under Risk
Ethereum is positioned near the Golden Cross formation, which is expected to occur soon. This technical indicator is generally considered a bullish signal and indicates a healthy transition to a bull market. However, increasing sales may delay or cancel this crossover, as sales weaken Ethereum's upward movement.
The Golden Cross, which signifies the end of the Death Cross that has been ongoing for the last four months, may not occur for a longer time if the selling pressure continues. While the market moves in a delicate balance, the Death Cross retains its effect, and Ethereum is trying to recover.
Breakpoints in Ethereum's Price
The price of Ethereum is currently trading at $2,473 and is trying to turn the resistance area of $2,476 into support. If this level is maintained, it is possible for the price to continue to rise in the short term and for investor confidence to strengthen.
However, if selling from short-term investors increases, the price may pull back to $2,344 or even $2,205. In this case, the current upward trend may be disrupted, weakening Ethereum's bullish scenario.
On the other hand, if the price stays above $2,476 and selling pressure decreases, it may exceed $2,606. This breakout here could drive Ethereum up to $2,681 and eliminate the risk of a decline with a strong recovery.
PLEASE READ CAREFULLY FOR A $10 GIFT TO 170 PEOPLE.
Friends who have not yet activated the futures section will earn $10 when they activate the futures section by entering my referral code 88623008. The first 170 people will benefit from this reward.
I AM EXPLAINING IN DETAIL.
Brothers who registered on Binance without a referral, please listen carefully;
You will earn $10 USDT when you do what I said in order.
Enter the Futures section from your application,
On the next screen, enter the REFERRAL CODE section and enter the code 88623008 to open your account,
Brothers who wish to complete this transaction by April 10th and receive a $10 reward can do so. After this, it will be sufficient to have a trading volume of $30 after activating your account. However, even if you do this after April 10th, your reward will not come. Therefore, I recommend you to handle it within 5 seconds.
THE SYSTEM WORKS ON A FIRST-COME, FIRST-SERVED BASIS. THEREFORE, DO NOT BE LATE TO CLAIM YOUR GIFT. IT IS LIMITED TO 170 PEOPLE.
PLEASE READ CAREFULLY FOR A $3,300 GIFT.
Friends, as publishers, you know that we do everything we can for you. We communicate the services and opportunities provided to us by our authorities. I have never withheld my support for both the cryptocurrency market and you; on the contrary, I am striving to provide more support.
Now I will explain how to claim your gift. First, those of you who have not activated a futures account need to activate this account with a short transaction. I will explain how to activate it in detail and simply.
So who can benefit?
Friends who have not yet activated the Futures section can activate it by entering my referral code 88623008 when opening the FUTURES section. It is an easy process. I have shown where it is below.
