On the 4-hour chart, the price was rejected from the resistance area between $2,697 and $2,633. Following this rejection, ETH pulled back to the imbalance zone between $2,493 and $2,459. While a minor bounce occurred from this range, the overall move remains weak and indecisive.

Losing Support Could Open The Door To $2,373

At present, the key level to watch is the $2,459 support. If this zone is breached, the likelihood of a drop toward $2,373 increases significantly. In low-volume environments, such as during weekends, sharp movements become more likely, especially if triggered by unexpected sell orders.

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On the flip side, if Ethereum can manage a close above $2,550, bulls may find the strength to target the upper resistance band again, specifically the $2,633 – $2,697 range.

Indecision Dominates The Market

So far, the bounce from the imbalance zone lacks strong momentum. Both bulls and bears appear cautious, waiting for confirmation. Over the coming sessions, where ETH closes will be crucial in determining short-term direction. During such uncertain phases, using clear stop-loss levels and level-based strategies becomes critical.

Investors should closely monitor $2,459 and $2,550 as the most decisive price levels in the immediate term.

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The post Silent Pressure on Ethereum What Lies Below The Support Zone? appeared first on Coin Engineer.

Factors Behind Reduced Weekend Trading

Kaiko, a cryptocurrency analytics business, produced a research showing that, for 2024, weekend BTC trading accounted at 16%; in 2019, on the other hand, it was 28%. The introduction of spot Bitcoin ETFs is among the factors causing this drop. ETF trading is limited to stock market hours throughout the week whereas crypto marketplaces run 24/7 worldwide. Since these products were released in Q4 2023, Kaiko analysts saw an upsurge in Bitcoin trading during the final hour of market trading, also known as the benchmark fixing window.

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“To reflect the benchmark price as closely as possible, the buying and selling of Bitcoin for creations and redemptions must happen during the fixing window [between 3 and 4 pm New York time]” the paper says. Though just on weekdays, this has made the fixing window the second most used period for Bitcoin trading. Nevertheless, starting from 2021, weekend trade has been gradually decreasing and the present level is the minimum in its history. Certainly, the trading that takes place in the benchmark period within the weekdays constitutes 6,6% of overall trading, whereas the same trading during the weekends reaches only 4,1%.

Impact of Bank Closures and Market Dynamics

Additionally responsible for the declining weekend trading activity is the closing of additional crypto-friendly institutions such Silicon Valley Bank and Signature in March 2023. These banks have 24/7 networks that allowed for notable demands for cryptocurrency in purchases and sales. Market creators have become less likely to provide liquidity in a low-volume situation since their closures. A Bloomberg analysis claims that this has greatly affected weekend trade activity.

Bitcoin’s price has stayed the same in the near term as investors attentively track inflation figures in expectation of a Federal Reserve interest rate reduction.

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The post Bitcoin’s Weekend Trading Volume Hits Historic Low in 2024 appeared first on Coin Engineer.