After a drop to 3.5 weeks lohasETH saw a slight recovery in today’s market action as the price is struggling to hold above Now, all eyes are on the support, which is found at yesterday’s low at $ 1500, where the 50- line of the daily moving average is located.
Technical analysis
Of: Grizzly
The daily chart
The ETH / USDT trading pair could not avoid the recent cryptocurrency correction, which triggered a rapid downward movement from around $ 2,000 that was recorded just a week ago.
Ethereum is in a position for further gains as long as the bulls do not allow prices to slide below the aforementioned key support. Therefore,
On the upside, if ETH holds this level, ETH’s further targets are around the horizontal resistance at $ 2,200, which intersects with the resistance of the descending line (in yellow).
Conversely, a drop below $ 1500 will cause ETH to be able to retest lower targets, such as $ 1,300. This will also mean a higher low for ETH which is textbook bearish.
Key Support Levels: $ 1500 and $ 1300
Key Resistance Levels: $ 1700 and $ 2000
Daily moving averages:
MA20: $ 1767
MA50: $ 1539
MA100: $ 1557
MA200: $ 2225
The ETH / BTC chart
Against Bitcoin, ETH is experiencing a pullback on the descending line (in yellow). This line overlaps the horizontal resistance at 0.073 BTC (in green). A break and close below this zone can signal further bearish action, with a possible target around 0.065 BTC (in blue).
However, if we assume that the bulls outweigh the bears in this area, the resistance at the head of 0.082 BTC (in red) is expected to be tested again.
Key Support Levels: 0.0.073 and 0.065 BTC
Key Resistance Levels: 0.082 and 0.088 BTC
On-chain sentiment analysis
Active addresses (SMA 30): The total number of unique active addresses, including senders and recipients.
Bullish trends are often accompanied by increased activity on the chain, suggesting a healthy pattern. Over the past three months, the number of active addresses has increased significantly, but this growth slowed as the price reached technical resistance.
Considering the historical data as follows, if this decline in this particular metric continues, there is a chance to hit lower levels in the price chart.
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