Crypto Market Retreats to Support Levels Ahead of Key Data Releases
The cryptocurrency market has retreated to its support levels as it awaits key data releases.
Ethereum, the leading altcoin, is currently hovering around $2.5K and forming a 'death cross' on its weekly charts, according to TradingView and FxPro.
This bearish sign is intensified by Ethereum's inability to break through the 200-week moving average resistance level, which it has been struggling with for some time.
A similar situation occurred in 2019 and 2023 without triggering a major sell-off, but breaking above this level has historically triggered rallies six times.
Meanwhile, CryptoQuant highlights a high proportion of large BTC transfers to exchanges, often followed by coin sales, which may indicate weak demand.
The negative Coinbase premium also suggests that investors in the US are not interested in buying cryptocurrencies at current prices.