ETH Needs to Break This Level to Take a Shot at $2K (Ethereum Price Analysis)

Ethereum is continuing its green streak with a 60% gain over the past seven trading days. It currently trades at $1,600. The price is now above the $1214 200-week moving mean.

Technical Analysis

By Grizzly

The Daily Chart

The resistance zone is the area between $1500-$1700, which has been pushed by the bulls (in red). The descending line in yellow has also been touched by Ethereum. This resistance has been a constant companion to the price ever since its all-time high, and has prevented it from rising further.

The bulls will need to move out of this zone with significant volume if they want to reclaim $2000. Participants should expect a sharp rise in selling if upside momentum slows. This could push the price towards $1280 as horizontal support. The bullish momentum will continue as long as ETH trades at $1,280.

Key Support Levels: $1280 and $1000 Key Resistance Levels : $1700 & $25160

Source: TradingView

Daily Moving Averages

MA20: $1230 MA50: $1321 MA100: $1903 MA200: $2435

The ETH/BTC Chart

After recovering from the bottom at 0.05 BTC ETH saw a 33% gain against BTC. The bullish leg ended when the price reached the zone that contained the intersection of horizontal resistance (in red), and decreasing line (inblue) at 0.07 BTC.

Technically, this trend reversal was confirmed by Ethereum forming higher highs and lower lows above 0.065 BTC. This would increase market confidence if Ethereum can surpass 0.07 BTC. It is possible that the 2021 highest levels will be retested at 0.08 BTC. If the price falls below 0.06 BTC, this scenario will be invalidated.

Source: TradingView

Analyse of the On-Chain

Netflow of Exchange

Definition: The difference in the amount of coins that flow into and out exchanges. (Inflow – Outflow = Netflow). Positive values indicate that reserve is growing.

After more than two months, the chart now shows red histogram bars. This indicates that ETH is being withdrawn more than it is being deposited on exchanges at the moment. This is often a good sign because it lowers selling pressure.

Source: CryptoQuant
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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