ETH Price Analysis: Ethereum Sheds 5% Weekly, is $3,000 in Play?

After three weeks in a strong uptrend Ethereum lost nearly 10% of its market capital within a few days. It dropped from a high of $3547 at the start of the week, to $3143. After a 20-day uptrend, the US stock market is also in a retracement. We will analyze the key levels in this analysis.

Technical Analysis

By: Grizzly

The Daily Chart

Source: TradingView

The bulls failed to break the resistance at $3600 and the bears were successful in pushing the price down to $3143. ETH is currently struggling to break the resistance at $3600. It would be very encouraging if the bulls could close the candle higher than it.

Participants are concerned about possible further price drops. This is the main concern. The MA50 and MA100 are strong support zones at $2900-3000. If the bears push the price lower, it would likely end the current uptrend. We might need to prepare for lower levels. To form a new uptrend the bulls must break the MA200 resistance at $3600 and the static resistance of $3600. This could push prices higher than $4,000.

The RSI30d indicator is still in bullish territory and is moving above ascending line (marked with purple).

The 4-Hour Chart

Source: TradingView

The price corrected within the 4 hour timeframe when the divergence below the resistance key level was observed in the April 5 analysis. Ethereum then fell below the MA100 (marked with blue). The bad news is that ETH has reached a lower low which technically marks the beginning of a downtrend.

Bulls must push the price higher than $3257 to avoid this.

Analyse of the On-chain

Source: Santiment

MVRV is the average profit/loss for all coins in circulation at the current price. MVRV 60d refers to coins/tokens which have moved at least once within the last 60 days.

The MVRV 60d was capable of moving above the baseline with strong momentum. This was the first time since recording an all-time high and it has now changed its direction. This isn’t worrying, but it is possible to hope that the uptrend continues as long as the metric remains above the baseline. It might break down the baseline and put an end to bullish hope.

At the moment, it seems like holding technical support is more important than having a psychological impact.

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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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