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ETH Price Analysis: Ethereum Reclaims $1,000 But is The Worst Over?

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Ethereum is struggling with a significant support zone. So far, all attempts at an uptrend on lower timeframes have been rejected.

Technical analysis

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Technical analysis Grizzly

Daily chart

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On the daily timeframe, the bulls have defended the support zone at $900. This level can be expanded to a range of $900 to $700 (green). The price is moving in a downward channel (yellow) and has touched the lower band.

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It is worth noting that if the sellers increase the pressure, it is possible that ETH will again go to the lower part of the channel (~$700) in the coming weeks. On the other hand, to start a bullish trend, the horizontal resistance at $1,300 needs to be overcome and move towards $1,700. Breaking this last level will also be required to reverse the trend.

Key levels of support: 900 and 700 dollars
Key resistance levels: $1300, $1500 and $1700

Source: Trading View

Moving averages:
MA20: $1392
MA50: $1793
MA100: $2432
MA200: $3044

ETH/BTC chart

Relative to BTC, the price is currently struggling with the first Fibonacci level at 0.236, which is at 0.0557 BTC. The support zone is considered in the range from 0.05 to 0.045 BTC. The release of fundamental news, such as the Merge event, can probably convince buyers to enter the market, but until then, it is difficult to see a significant increase in the cryptocurrency.

Key levels of support: 0.050 BTC and 0.0.045 BTC
Key resistance levels: 0.055 BTC and 0.06 BTC

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Source: Trading View

On-chain analysis

Exchange flow (total)

This chart shows that buyers cannot yet dominate the market. The inflow to the exchanges is still at a high level, which led to an increase in the foreign exchange reserve, which, accordingly, is accompanied by pressure from the sellers. When consecutive red histogram bars are visible on the chart, you can expect the bulls to take control of the market.

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Source: CryptoQuant
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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.






Credit : cryptopotato.com

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