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 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
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.
Marla Brooks – Financial Analysis
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