Ether Faces 22% Drop Risk as ETF Outflows Hit $190 Million
- Weak Recovery: Ether (ETH) rebounded 40% from below $1,800 to challenge the $2,400 resistance level, yet analysts warn that the recent recovery has lost momentum, posing considerable downside risks.
- Increased Exchange Inflows: From early May, ETH reserves on Binance surged from 3.36 million to 3.84 million, indicating major investors may be preparing to sell, contributing to a 7% price drop from $2,390 to $2,260.
- ETF Redemption Wave: Over four consecutive sessions, $190 million flowed out of spot Ethereum ETFs, reflecting declining interest among US investors, which exacerbates selling pressure in the market.
- Bearish Technical Outlook: The emergence of a “rising wedge” pattern on the daily chart suggests that if prices remain below $2,280, a decline towards the $1,725 target could occur, representing a potential 22% drop and revisiting lows set on February 6.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR). As of , Major (MAJOR) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 4 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for MAJOR stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, MAJOR is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0251 | 0.0378 | 0.0475 | 0.0602 | 0.0699 | 0.0826 | 0.0923 |
| Fibonacci | 0.0378 | 0.0463 | 0.0516 | 0.0602 | 0.0687 | 0.074 | 0.0826 |
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