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Ethereum analysis for April 7, 2021

Looking at the chart on the four-hour time frame, we see that the price of Ethereum is slowly losing ground under its feet, falling below consolidation to $ 2100, making an instant pullback to the moving MA50 average, testing the psychological level at $ 2000. the chart is very much set to move into a bearish, more serious scenario and lower the price even lower, and as the next such target, we have the MA200 and EMA200 at around 1850-1900 $.

Looking at the MACD indicator also so bearish trend with a clear signal to keep it going. Although we are still in the green zone of MACD indicators, the bearish trend prevails.

EthereumOn the daily time frame, we see a pitiful resistance about the zone around $ 2150, and today’s candlestick is very bearish. And it may be the first indication of a potential larger pullback. Our target is now the 1945 $ zone break of the previous lower high. If that zone subsides, we descend to the lower support line, seeking support in moving averages. Some maximum potential drop can be up to $ 1800.

Below on the MACD indicator, we see that the blue MADC line makes a turn after saturation, and we see that it weakens and directs us towards the lower values of the indicator. You need to break below the signal line for a stronger bearish signal and move to the red lower zone below zero.

EthereumThe number of whales holding 1,000,000 to 10,000,000 ETH tokens appears to significantly affect the price of Ethereum, as shown in the chart below. The increased share of these investors saw that the market value of ETH increased and vice versa.

Two of these market participants left this category after the smart contracts platform created a new high of $ 2,144 on April 2. This 18% reduction in whales gives the bear a chance for Ethereum.

Although ETH’s scenario looks bleak, the bullish narrative is unlikely, especially given ETH’s declining stock market balance sheet.

Ethereum supply as a percentage of total supply held by centralized entities fell by 4% since reaching record levels on 2 April. This reduction effectively reduces sales pressure and suggests that investors are confident in the bullish potential of ETH.

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