ETH increases by 3 %a day, but are $ 2,000 in sight again? (Ethereum price analysis)
ETH increases by 3 %a day, but are $ 2,000 in sight again? (Ethereum price analysis)
Ethereum recently sent an interest bully signal by finding support with the sliding 100-day average of $ 1,791 and experiencing a price increase. In addition, he has now come to a decisive level of resistance, and this would probably trigger a further increase.
technical analysis
of Shayan
The daily chart
Ethereum experienced a phase of constant price movement around the sliding 100-day average of $ 1,790 before it was supported and continued.
During the recent consolidation correction phase since mid -April, the price has formed a descending wedge pattern (marked yellow).
At the moment, due to its latest increase, the price has reached the upper limit of the wedge at $ 1.9,000 and is about to exceed this critical level.
The price of Ethereum is currently in a close range between about $ 1,791 and the static resistance zone of $ 2,000. An outbreak from the wedge will probably trigger another rally towards the resistance zone of $ 2,000.
Tradingview
The 4-hour diagram
If we take a closer look at the 4-hour chart, we can identify three crucial price regions: the static resistance at $ 2,000, the dynamic resistance of the trend line point of the rising channel and the static support at $ 1,710
Based on the current price development, it seems more likely that the price will continue its upward trend towards the $ 2,000 resistance and tries to break out. In view of the current market conditions and the prevailing uncertainty among the participants, it is also likely that a consolidation phase between the $ 2,000 resistance and the support area of $ 1,710 will take place. Tradingview
on-chain analysis
Price fluctuations on the market result from the dynamic interaction of offer and demand staff. The demand plays a crucial role under these forces, and a precise observation of the behavior of the market participants is crucial for the assessment of the existing demand.
An effective way to gain knowledge is the analysis of the metric "active addresses". It measures the total number of unique active addresses, including the transmitter and recipient. During the latest consolidation phase, it got into a downward trend, which indicates a decline in demand and a phase of uncertainty among the market participants.
In addition, the indicator recently reached the low of the year, which indicates that the current question is not sufficient to signal the start of the next bull run. Therefore, the market needs an increased activity to start a healthy upward cycle. This could possibly be achieved if the price successfully breaks through the significant resistance area at $ 2,000.
Cryptoquant
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