- The Coinbase Premium Index for ETH was negative.
- This indicates a drop in coin purchasing activity among US-based investors on Coinbase.
ethereum [ETH] According to , the Coinbase Premium Index (CPI) has declined due to the price decline since it briefly traded above $4,000 on March 11. cryptoquant's data.
This indicator measures the difference between the price of an asset on Coinbase and Binance. An increase in its value would suggest significant buying activity on his Coinbase by US-based investors.
Conversely, a decline into negative territory indicates a decline in trading activity on US-based exchanges.
At the time of writing, ETH's CPI was -0.008. When the altcoin’s price fell below $3,200 on March 18, its CPI plummeted to a 30-day low of -0.1, according to CryptoQuant data.
Source: CryptoQuant
The CPI of this coin has fallen over the past few weeks. rally together It hit a 12-month high in early March.
Asian markets are following a similar trend, with ETH's Korea Premium Index (KPI) valuation showing that it remains positive despite the price decline over the past few weeks.
At the time of writing, ETH's KPI was 6.83.
Source: CryptoQuant
Bears aim to increase losses in ETH
An evaluation of ETH’s price performance on AMBCrypto’s daily chart suggested a possible decline in the value of this coin this week.
At the time of writing, the altcoin is trading at $3,474 and has seen a 4% price drop in the past week.
The Money Flow Index (MFI) of this coin was found at the lowest value of 39.34.This indicator Measures the strength of money flowing into and out of an asset.
ETH’s MFI was at a value of 39.34, suggesting that the coin is witnessing a decline in buying pressure.
Confirming the decline in demand for the coin, the Relative Strength Index (RSI) trended downward, returning a value of 49.
This also indicates that selling activity is outpacing coin accumulation among spot market participants.
Additionally, ETH’s parabolic SAR revealed that bearish sentiment has been prominent since March 15th.
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It has been higher than the price of ETH over the past 10 days, during which time the coin’s value has fallen by 6%.
Source: ETH/USDT on TradingView
The Parabolic SAR indicator tracks potential trend direction and reversals. If the dotted line is above the asset price, the market is considered to be in a downtrend.
