Crypto Blog
Ethereum’s price is currently trapped inside a significant tight range, bounded by the 100-day moving average of $3364 and the 200-day moving average of $3212.
This critical support includes the 200-day moving average of $3212, serving as a robust defense line for Ethereum buyers. Nevertheless, the price is confined within a crucial tight range bounded by the 100-day moving average of $3364 and the 200-day moving average of $3212. A break above this area will bring sufficient demand into the market, leading to potential upward momentum in the price.
This has resulted in an impulsive bearish descent toward the crucial $3K support region. Nevertheless, following an impulsive move in the market, a temporary stage of consolidation correction price action often occurs. The accompanying chart presents the Ethereum funding rate metric, which measures whether buyers or sellers are more aggressively executing their orders. Positive funding rates indicate bullish sentiment, while negative funding rates show bearish sentiment.
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