Etherum Prices Fusures Slip in Back, BTC in Contangu: Kraken

The Etherum price continued a strong trend of falling against US dollars and Bitcoin because his linear weeks moved in back.

Ethereum (El) crashed at 0.023 against bitcoin (Btc), its lowest level from May 2020. and 74% below its highest level during the pandemic.

Similarly, the coin fell over 1,770 dollars, the lowest point from October 2023 and 57% from its highest level in December last year.

The liquid drop in Etherum price is credited with several factors like in progress ETF outflow, Increased competition from layers-1 and layers-2 and the fact that no longer the most profitable players in the crypto industry.

Analysts in Kraken also identified another reason looking at the market of the future. In a note for Crypto.News, Aleksia Theodorou, the head of the derivative, said in the Cripto.Nevs statement that Ethed’s weekly linear future entered August for the first time in August last year. Bitcoin Futures, on the other hand, remained in Futuring during this period. The statement said:

“Ether’s Linear Weekly Futures first entered the last part, reflecting the growing 20% ​​drop in the price. Bitcoin’s future remain in Contingu, suggesting relative strength in BTC in the middle of wider insecurity in the market.”

Linear week future are these contracts per week and are paid in a simple way-based cost. Crossing in the back, this means that the futures price has become lower than the price point, which is a sign that the market expects the price to continue to fall further.

On the other hand, Contingo is the opposite of back and is the situation in which the price of futures are greater than current levels. It is a sign that the market envisages the relative power of Bitcoin in the future.

Etreem vs Bitcoin price analysis

The weekly chart shows that the price of ET / BTC was in their free time in the last few years. It remains below all moving average, a sign that bears are in control. Now it is approaching key support to 0.02250 USD, the lowest swing 20. December.

The average directional index, a popular indicator that measures trendy power, switched to 38. The movement above 25 is a sign that the trend is strengthening.

The relative strength and stochastic oscillator index moved to resale level. Therefore, the token will probably continue to fall until the sellers target the next point to 0.0173, the lowest swing swing in December 2019. Years.