ETH recovers over $ 1.8,000, but are the bears at the end? (Ethereum price analysis)

ETH recovers over $ 1.8,000, but are the bears at the end? (Ethereum price analysis)

The price of Ethereum has achieved the decisive level of the sliding 100-day average with $ 1,760. The PA in this important area of support should be monitored closely, since a breakdown may lead to a massive cascade.

technical analysis

of Shayan

The daily chart

After a short-term consolidation phase, the price experienced a decline and reached the sliding 100-day average of $ 1.7,000. Although the youngest PA from Ethereum did not show a clear direction, he initiated a slight upward trend after touching the sliding 100-day average, which made the market unsafe.

At the moment, however, the price faces two decisive levels: the sliding 100-day average at $ 1,748 and the support range of $ 1.6,000.

Therefore, the potential for a rally with the aim of the resistance area of $ 2.1,000, but only if the moving average is successfully preserved from a further decline.

Tradingview

The 4-hour diagram

In the 4-hour time frame, the price crashed after a short-term consolidation correction phase around the average limit of the channel towards the support area of $ 1.7,000. After reaching this value, however, the cryptocurrency recovered slightly and initiated a slow upward trend.

Ultimately, a downward breach of the support zone of $ 1.7,000 and the lower limit of the rising channel would lead to a cascade resulting from the liquidation of long positions. Conversely, the price with support could possibly strive for the average limit of the channel and even the resistance range of $ 2.1,000.

Tradingview

on-chain analysis

The following diagram shows the key figure "Exchange Inflow (Top 10)" together with the price of Ethereum. The metrics respectfully measures the total amount of the coins from the ten most important transactions that flow into the stock exchanges.

High values indicate an increase in investors that deposit large amounts at once. This could mean higher sales pressure and a possible future drop in prices.

If you look at the graphic, the sliding 50-day average of the key figure "Exchange Inflow (Top 10)" has been located since July 2022, when the market was in a consolidation phase without a clear direction, in a clear downward trend.

Despite the latest upward trend from Ethereum, the key figure has continued to decrease, which indicates that the sales pressure has not yet reached any worrying level. Therefore, the total views remain optimistic in the medium term.

Cryptoquant

.