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ETH rallies above $1.8K, but are the bears finished? (Ethereum Price Analysis)
Ethereum price has reached the crucial level of the 100-day moving average at $1,760. The PA in this key support area should be closely monitored as a breakdown will potentially lead to a massive cascade. Technical Analysis By Shayan The daily chart After a short-term consolidation period, the price experienced a decline and reached the 100-day moving average at $1.7K. Although Ethereum's recent PA did not show a clear direction, it initiated a slight uptrend after touching the 100-day moving average, leaving the market uncertain. However, the price is currently facing two crucial levels: the 100-day moving average at 1,748...
ETH rallies above $1.8K, but are the bears finished? (Ethereum Price Analysis)
Ethereum price has reached the crucial level of the 100-day moving average at $1,760. The PA in this key support area should be closely monitored as a breakdown will potentially lead to a massive cascade.
Technical analysis
From Shayan
The daily chart
After a short-term consolidation period, the price experienced a decline and reached the 100-day moving average at $1.7K. Although Ethereum's recent PA did not show a clear direction, it initiated a slight uptrend after touching the 100-day moving average, leaving the market uncertain.
However, the price is currently facing two crucial levels: the 100-day moving average at $1,748 and the support area at $1.6K.
Therefore, there is potential for a rally targeting the $2.1k resistance area, but only if the moving average successfully protects Ethereum from further decline.
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The 4 hour chart
On the 4-hour time frame, the price continued to plunge towards the $1.7K support area after a short-term consolidation correction phase around the channel's middle boundary. However, after reaching this value, the cryptocurrency recovered slightly and started a slow upward trend.
Ultimately, a downward break of the $1.7K support zone and the lower boundary of the ascending channel would result in a cascade resulting from the liquidation of long positions. Conversely, if there is support, the price could potentially target the channel’s middle boundary and even the $2.1K resistance area.
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On-chain analysis
The chart below shows the “Exchange Inflow (Top 10)” metric along with the price of Ethereum. The metric respectfully measures the total amount of coins from the top ten transactions flowing into exchanges.
High values indicate an increase in investors depositing large amounts at once. This could mean more selling pressure and a possible future price decline.
Looking at the chart, the 50-day moving average of the Exchange Inflow (Top 10) metric has been in a significant downward trend since July 2022, when the market was in a consolidation phase with no clear direction.
However, despite Ethereum's recent uptrend, the metric has continued to decline, suggesting that selling pressure has not yet reached worrying levels. Therefore, the overall outlook remains optimistic in the medium term.
CryptoQuant
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