Ether(ETH), the token tied to the Ethereum blockchain and the second-largest crypto, was down more than 1% to $1,339. Investors are nervous as inflation and macroeconomic uncertainty threaten to plunge the global economy into a deep recession. ETH investment products saw outflows totalling $2.5 million for the third consecutive week, bringing total flows post-merger to $11.5 million, which is only 0.2% of assets under management. The global asset volume is up by more than 15% over the day.
At the time of writing, ETH was trading at $1,349.
ETH has been consolidating and trading below its 50-day moving average from $1,200 to $1,400 over the past few weeks with declining volumes indicating no trend. Breakouts on either side of the range with good volumes will further decide the trend for the asset. Technically, on a daily time frame, ETH has made a ‘Hammer’ candle (Bullish Candle). If the prices break and close above $1,450 then we can expect it to further rally up to $1,750 and $2,000 levels whereas a close below $1,200 will lead to further downfall. Flat Moving Averages and an RSI around 50 indicate a neutral stance for the asset.
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