Ethereum Price Analysis: ETH Failed At Resistance, Is Retest of $1000 Incoming?

ETH buyers failed to overcome the $1,280 resistance in their second attempt. The good news is that ETH may break above the 20-day moving mean line, which now becomes support ($1150).

Technical Analysis

Technical Analysis by Grizzly

The Daily Chart

To confirm a bullish trend reversal, higher highs and lower lows are required. ETH has reached $1K, having bottomed at $881. However, there hasn’t yet been a higher high.

Over the last few days, ETH tried and failed to break this significant resistance area. It is the intersection of the blue-colored descending line (in green) in the range $1,280-1,300 along with horizontal resistance (in orange).

To gain enough momentum, buyers must push the ETH price higher than $1,280, set a higher high and strive for higher targets – even $1,000.

ETH could face another retest (in green) of the $1K support area if the range is not broken. Breaking below $1000 will invalidate the bullish structure.

Another scenario is that ETH fluctuates between $1,280 and $1,000 over a long period of time. This is a great opportunity for traders who use a range trading strategy.

Key Support Levels: $1000 & $880

Key Resistance Levels: $1280, $1540, & $1700

Moving Averages

MA20: $1150 MA50: $1440 MA100: $2102 MA200: $2564

The ETH/BTC Chart

The horizontal resistance of 0.06 BTC (in yellow) had prevented the Ethereum against Bitcoin trading pair from breaking. ETH/BTC had also failed to form a higher top, and the RSI was still below the baseline.

It seems that the critical support is still at the 0.05 BTC level.

Analyse of the On-chain

ctive Addresses (30h) & Circulation (30D).

Active Addresses is the number of unique addresses that account for ETH daily transactions.

Circulation is the daily transaction of ETH tokens.

Despite the recent price rise, it is still evident that Ethereum tokens are being traded daily at a similar rate to when they were near their all-time highs.

The number of active addresses has also increased. These changes can often cause high volatility and fluctuations in prices. Important to remember that non-exchange addresses are also losing their supply. These changes, which are coming up at the time of the ETH Merge update, will likely have a significant effect on the short-term supply of the second-largest cryptocurrency.

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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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