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Ethereum Price Analysis: ETH Bears In Control For Four Straight Days

2 Min Read
Last Updated March 26th 2021

Daily Ethereum ETH Price Forecast

  • Ethereum flipped key levels from support to resistance.
  • Moderate support lies at $1,650.

Since March 14, the Ethereum price dropped from $1,925 to $1,675, losing almost $250 in its overall valuation. With the sellers in control for four consecutive days, it seems like ETH is going to drop even more.

Ethereum Price Flashes Multiple Sell Signals

Over the last four days, the Ethereum price lost steam at the $1,815 resistance barrier and dropped to $1,675 losing almost $140. The daily chart has flashed three different sell signals:

  1. The MACD shows increasing bearish momentum.
  2. The 20-day and 50-day SMAs have reversed from support to resistance.
  3. The parabolic SAR has flipped from positive to negative.

eth/usd daily chart 032321

Image: ETH/USD daily

As per the IOMAP, there is a moderate support at $1,650 wherein >245,000 addresses purchased 1.5 million ETH tokens. On the upside, strong resistance barrier at $1,815 wherein 1.35 million addresses had purchased >14.5 million ETH tokens.

eth/usd volume chart 032321

Image: IntoTheBlock

DefiPulse Data Shows 8.2% ETH Locked In DeFi

The total value locked (TVL) in the decentralized finance (DeFi) sector has recently surged past $42 billion. 9.2 million Ether ($17 Billion) is currently locked in various DeFi protocols. This amount of ETH constitutes roughly 8.2% of the asset’s overall circulating supply. 

DeFi Pulse Chart

"According to DefiPulse, 9.2 million Ether—around 8.2% of the circulating $ETH supply—is now locked in the DeFi ecosystem."

Data from DeFiPulse.com has revealed that most of the 9.2 million Ethereum are locked in five DeFi protocols. These include Maker, Compound, SushiSwap, Uniswap and Aave. 

DeFi Pulse Table

Image: DeFi Pulse

Ethereum 2.0 deposit contract has revealed that 3.556 million ETH is currently locked in anticipation for staking. All in all, around 12.756 million (roughly 11%) of Ether’s circulating supply is currently unavailable for regular trading.

Ethereum Price Is Expected To Reach These Levels

Ethereum price is on the course of dropping down to the $1,600 psychological levels. It will be interesting to see how the buyers and sellers interact at that level.

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