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Abbas🎩👾
@abbass.eth
Bearish ETH POV [1/3] Ethereum's price is struggling alongside other altcoins, with its future dependent on maintaining critical support levels. If these levels fail, ETH could enter a prolonged bearish phase. Recent price action suggests Ethereum may be nearing the end of its current bull market cycle. The Market Value to Realized Value (MVRV) Long/Short Difference, a key indicator, has dropped significantly from a yearly high of 55% to 2.08%. This indicates that many long-term holders have exited profitable positions. If this trend continues and the MVRV turns negative, ETH could face a bear market similar to the one in 2022.
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Abbas🎩👾
@abbass.eth
[2/3] If Ethereum's current trend follows past patterns, the expectation of it reaching five digits this cycle may be unrealistic. The "Balance by Time Held" metric, which usually indicates confidence when it rises during a bull cycle, has also increased for ETH over the past 30 days. However, this rise suggests some holders may be losing confidence in Ethereum's short- to long-term potential, possibly indicating a shift in market sentiment.
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Abbas🎩👾
@abbass.eth
[3/3] The(MACD) on Ethereum's daily chart indicates ongoing bearish momentum, as the MACD tracks the 12 and 26-day Exponential Moving Averages (EMA) to gauge price direction. A positive MACD shows bullish momentum, while a negative reading suggests downward pressure. Ethereum needs to stay above $2,220 to avoid a significant crash, but a drop below $2,000 seems likely given current market conditions. However, sustained buying pressure could help stabilize Ethereum's weak performance and prevent further declines.
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