Ethereum continue on the bearish side

The number of Ethereum transfers decreased, reaching the lowest level of 24,500.000 in one month, which was acknowledged by the metric data supplier Glassnode. This change in trend was triggered by the correction, which the second largest cryptocurrency experienced after falling to the lowest level of $ 2,000 from an all-time of $ 4,350.
In addition, the total fees paid by the Ethereum network reached an 11-month low of 105,547 ETH. The high costs became a challenge that ETH faced, as it reached a record high value that was unattainable for the average trader. ETH balance on stock exchanges continues to fall. During the last 7 days, the net flow indicator IntoTheBlock noticed that 528,040.60 ETH was withdrawn from centralized stock exchanges. This trend means waiting for the holder, as more and more users keep their Etar in their wallets for speculative or future purposes.

Ethereum’s dominance is growing because there is so much demand for it due to the explosion of applications, investments, and future innovations. It does not require the rich to buy it to increase demand.
The price now faces strong resistance close to 2,500 dollars. There is a bearish trend line that is forming with a resistance close to 2,480.

• Bitcoin is currently quiet at $ 34,000

Ethereum fails to remove the $ 2,500 and $ 2,550 resistance levels and could prolong its decline. The initial support on the negative side is close to the level of 2,400 dollars.
The first big support is close to the 2,300 level previous low. A drop minus below $ 2,350 and the recent low could accelerate losses. The next big support is close to the level of 2,220 USD or 2,200 USD.