ETH Maintained Key Support, But the Danger’s Still Not Over: Ethereum Price Analysis

After the last few red days, ETH has reached the support area between the white descending line and the price range between $1,220 and $1,280 (in green). So far, the bulls have successfully maintained the high selling pressure; however, the situation is still fragile.

Looking at the bullish case, ETH needs to close above the key resistance at $1,420 (in red). The first target of this move can be considered at $1650. However, the danger is still here, and if the support range at $1220 is broken, ETH will likely retest around $1000.

Key levels of support: $1220 and $1000

Key resistance levels: $1420 and $1650

Daily Moving Averages:

MA20: $1513
MA50: $1620
MA100: $1472
MA200: $2004

The ETH/BTC chart

Against BTC, ETH found support in the middle of the 0.067 BTC level (in green) and was able to recover the important 200-day moving average line (in white).

ETH needs to break above the key resistance of 0.073 BTC (in red) to return to the bullish track. Due to Ethereum falling below the most recent bottom against both USD and BTC, a bearish continuation is a more likely scenario right now.

The recovery to new highs may take some time due to the current negative sentiment.

Key levels of support: 0.067 and 0.065 BTC

Key resistance levels: 0.073 and 0.08 BTC

Grizzly Technical Analysis

Chain analysis

Exchange Output (Top10) (SMA 14)

Definition: The total outflow of coins from exchanges – the top 10 transactions.

A high value indicates an increasing number of investors withdrawing large amounts at once. This could suggest a decrease in selling pressure.


Binance Free $100 (Exclusive): Use this link to sign up and get $100 free and 10% off fees on Binance Futures in your first month (terms).

PrimeXBT Special Offer – Use this link to sign up and enter code POTATO50 to receive up to $7,000 in your deposits.

Disclaimer: The information found on CryptoPotato is that of the quoted writers. It does not represent CryptoPotato’s views 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 details.

TradingView Cryptocurrency Charts.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *