The crypto market is recovering from its recent sharp collapse. Altcoins and ETH have outperformed Bitcoin in recent times. Buyers were able to keep the price above $1,000. But can this upward trend, given the macro, last longer?
technical analysis
By grizzly
daily chart
Ether has broken above key support levels on the daily time frame, which are now acting as resistance. Horizontal levels at the $1,300, $1,500 and $1,700 levels are a potential challenge for ETH recovery. Meanwhile, the intersection of the descending line and horizontal resistance (in yellow) at $1,700 has formed a resistance area (in red). Let’s assume that the bulls are still determined to control the market in the short term. In that case, the range between $1600 and $1700 seems to be a strong hurdle.
In a bearish case, ETH has strong support near the $700-$900 area. The market now needs a positive external force as a catalyst. ETH 2.0 merger seems like the most likely upcoming event to consider.
Key Support Levels: $900 and $700
Major Resistance Levels: $1300 and $1500 and $1700
Moving Average:
MA20: $1335
MA50: $1734
MA100: $2401
MA200: $3040
ETH/BTC chart
The situation seems different against BTC. As mentioned, altcoins have outperformed BTC recently, which is also evident in this chart. Buyers were able to move higher with horizontal resistance at 0.058 BTC. However, the overall structure is still bearish. Unless the bulls can push the price above the horizontal resistance at 0.065 BTC, a change in trend cannot be expected.
Key Support Levels: 0.050 BTC and 0.0.045 BTC
Major Resistance Levels: 0.055 BTC and 0.06 BTC
on-chain analysis
fund holdings
definition: The total amount of coins holding digital assets such as trusts, ETFs and funds – this is a proxy for indirect investment or demand for ETH.
Currently, the number of coins they hold, which was stable in the volatility of 2021 and early 2022, increased in the first decline. They probably considered this price drop as a buying opportunity at the time. But then, with the release of macroeconomic bad news and fears of a recession, their supply plummeted to its lowest level in two years.
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Cryptocurrency charts by TradingView.