September 25th Axin's Midday ETH Market Analysis
At noon, the ETH price is showing certain weakness amidst fluctuations. From a technical perspective, on the daily chart, ETH has recently been in a downward channel. After a significant decline, although there was a brief consolidation, it failed to effectively break through the key resistance level above, limiting the rebound strength. The current price is running below the short-term moving averages, with MA7 and MA30 forming a death cross, indicating that short-term bears have a certain advantage. At the same time, the trading volume has increased during the decline, suggesting a strong willingness to sell in the market, lacking sufficient buying support.
On the news front, the overall sentiment in the cryptocurrency market has been significantly impacted by the macro environment recently. The uncertainty in the global financial markets has made some investors cautious, reducing their willingness to allocate towards risk assets like ETH. Additionally, while the developments related to the Ethereum network are ongoing, they have not brought significant boosts to the price in the short term.
The weak technical pattern and cautious sentiment from the news are overlapping, putting significant pressure on ETH's midday market performance. The short-term price may continue to maintain a weak oscillating trend, and attention should be paid to the support at previous low points. If it effectively breaks below, the price may further test lower levels. Investors need to closely monitor market dynamics, manage their positions reasonably, and guard against risks.