Here is the next goal for Ethereum if $ 1,300 (ETH price analysis)

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The price of Ethereum is about to break out of a significant level of resistance after testing it for a while. However, there are still some obstacles that the price has to overcome so that a new upward phase can begin.

technical analysis

from: Edris

the daily -type

In the daily time frame, the price breaks through the important resistance brand of $ 1300 after finally exceeding the sliding 50-day average. In the event of an interest bully outbreak, the sliding 200-day average would be around $ 1400 in the series, followed by the $ 1800 mark.

The sliding 200-day average is considered a benchmark that shows whether the market is in an upward or downward trend, and an outbreak over it could possibly lead to a medium-term upward trend.

However, there is still a considerable chance of rejection, which could lead to a relapse in the direction of the support brand of $ 1000

eth_price_chart_110123 Tradingview

The 4-hour diagram

If you look at the 4-hour time frame, the dynamics seem to be letting after a few interest bulls, as the price is struggling to break through the resistance mark of $ 1350.

The RSI indicator, who has been showing an overbought signal for some time, shows a declining divergence between the last two courses. Therefore there is a significant probability for a declining sweater or even a reversal around the current level.

In the event of a reversal, a rapid decline in the direction of the support area of ​​$ 1100 would be expected. The level of $ 1100 would be the last way out of the bulls, from which a collapse would probably lead to a massive crash and further extension of the bear market.

eth_price_chart_1101232 Tradingview

onchain analysis

of Shayan

A bull market is always accompanied by an upward trend in the key figure "active addresses", as more people are interested in cryptocurrencies when their prices rise significantly. Therefore, the market is exposed to higher activity because more people send and receive coins.

In contrast, people begin to realize and go massive losses during the declining phase of the market as the prices fall quickly. As a result, the market is confronted with less activity, and the key figure "active addresses" begins to decrease significantly.

The following diagram shows the key figure "active addresses" (30-day-ma) next to the price of ETH. As can be seen, the key figure has dropped during the recent declining phase of the market and fell to new annual lows. This indicates a noticeable lack of activity and interest among the market participants.

Overall, Ethereum goes through an important capitulation state, and the next bull market is not expected until the surrender is over.

eth_active_addresses_chart_110123 Cryptoquant

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