Ethereum Is Fighting to Break a 6-Month Curse, But Things Can Go Wrong
Ethereum aims to end a six-month losing streak with a March gain, but declining whale holdings and weakening dip-buying support threaten a price reversal.Summary
Ethereum (ETH) is currently showing a 2.93% gain in March, potentially ending a six-month losing streak that resulted in a 50% value decrease. However, this gain is uneven, with the price trading within a falling channel since mid-March, dropping as low as $1,970. Concerningly, Ethereum whale wallets have reduced their holdings by roughly 180,000 ETH in the last 48 hours, coinciding with the price decline. Furthermore, the Money Flow Index indicates weakening dip-buying support. The critical support level to watch is $1,970; a break below this could lead to further declines towards $1,650, while reclaiming $2,050 would alleviate immediate pressure. The article suggests that Ethereum's ability to hold its March gains is uncertain, given these bearish indicators.
(Source：BeInCrypto)