Ethereum has seen a significant increase of 30% in price over the past week. On the first attempt, after 50 days, the bulls are likely to move towards the upper resistance area of $1,700 – $1,800 (in red).
At the same time, the Relative Strength Index (RSI) has reached an important descending line (in white). If ETH can break the 100-day moving average line (in yellow), ETH will extend the price action towards the key hurdle at $2170. In this case, the RSI is expected to gain momentum above 70.
On the other hand, if the bears push the price below $1,500, it is likely to see a retest of $1,350 as ETH’s previous rally from this level forms an important support level to watch.
Key Support Levels: $1500 and $1350
Major Resistance Levels: $1800 and $2170
Daily Moving Average:
MA20: $1448
MA50: $1279
MA100: $1757
MA200: $2344
ETH/BTC Chart:
Against Bitcoin, the bulls again failed to break the crucial resistance area of the descending line (in yellow) and the horizontal resistance at 0.073 BTC (in red).
This caused a fake breakout to appear on the chart for now. If the bulls defend the horizontal support at 0.065 and do not allow the price to close below it, the current bullish momentum is likely to continue for a long time.
Key Support Levels: 0.065 and 0.06 BTC
Major Resistance Levels: 0.073 and 0.078 BTC
On-chain analysis: number of transactions (total, SMA 14)
definition: The total number of transactions where the transfer of tokens has been executed.
When the price increase is accompanied by an increase in the number of transactions on the network (on-chain activity), it is interpreted as a healthy trend.
The key, however, is that this metric often has high slope tops. It looks like there have been a lot of changes to Ethereum’s on-chain data as the merge event draws to a close. Keeping the bearish and macro positions in mind, we must wait and see how the crypto will cope.
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Cryptocurrency charts by TradingView.