The $3886 price zone of Ethereum favored bids by 10%, suggesting a stronger buying interest than selling pressure.
showed notable 10% bid imbalance within the 0-5% depth range of the order book, signaling a potential supply shortage and demand at the price level around $3,886.76.This imbalance indicated bullish sentiment as more traders were willing to purchase ETH at or above that market price, possibly driving prices higher if the trend persists.Additionally, there were spikes in volume of trades correlating with significant price movements, both upward and downward.
The influx could temper the bullish outlook suggested by the orderbook ratio, which indicated low supply and high demand. ETH falling below 20EMA and 50EMA signaled short-term bearish momentum, contrasting with the potential long-term support provided by the 200EMA.Ethereum showed signs of testing a key support level at the 200EMA around $3,500, with potential for reversal indicated by an oversold RSI.
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