In short: Ethereum's price has been in a consolidation phase with fluctuating prices. However, the price faces crucial support levels at the 100 and 200-day moving averages, and resistance at the $2.1k price zone. Additionally, the Net Unrealized Profit/Loss (NUPL) metric shows an increasing number of profitable investors leading to a bullish sentiment across the market. Short-term corrections may occur as investors realize their profits, causing selling pressure. The bears could take control with $1.8k support likely to be tested.
Our quick analysis:
Ethereum has been on a rollercoaster ride lately, with its price fluctuating up and down. Market participants are eagerly waiting for a clear directional bias to emerge, but the cryptocurrency is currently undergoing a period of consolidation. However, there are two critical support levels that can influence the direction of the price - the 100 and 200-day moving averages.
Taking a technical analysis approach, on the daily chart, Ethereum's price has failed to exceed the $2.1K mark and has undergone an impulsive bearish leg. The price has now entered a consolidation phase, with no clear direction yet and candles that move up and down. ETH is currently facing major resistance at the $2.1K price zone and primary supports at the 100-day moving average ($1748) and the 200-day moving average ($1546).
On the 4-hour chart, the price has entered a consolidation range after dropping to the middle boundary of the channel. This implies that there is a battle between the bulls and bears at this price level, with buying and selling pressure even. However, a downward break of the consolidation range would lead to Ethereum's next stop at the $1.7K range, whereas a resurgence of the bulls would likely see the price attack the $2.1K resistance region.
According to on-chain analysis, Ethereum's price has been trending upward since the start of 2021, with the Net Unrealized Profit/Loss (NUPL) metric revealing that an increasing number of investors are becoming profitable. This suggests a bullish sentiment across the market, but investors may soon realize their profits, causing short-term corrections due to growing selling pressure.
All in all, it's hard to say whether Ethereum's future will be bullish or bearish. The cryptocurrency is currently in a state of consolidation, and its direction is yet to be determined. However, with critical support and resistance levels in place, market participants should keep a close eye on the price action and be ready to adjust their positions accordingly.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
Ethereum has been on a rollercoaster ride lately, with its price fluctuating up and down. Market participants are eagerly waiting for a clear directional bias to emerge, but the cryptocurrency is currently undergoing a period of consolidation. However, there are two critical support levels that can influence the direction of the price - the 100 and 200-day moving averages.
Taking a technical analysis approach, on the daily chart, Ethereum's price has failed to exceed the $2.1K mark and has undergone an impulsive bearish leg. The price has now entered a consolidation phase, with no clear direction yet and candles that move up and down. ETH is currently facing major resistance at the $2.1K price zone and primary supports at the 100-day moving average ($1748) and the 200-day moving average ($1546).
On the 4-hour chart, the price has entered a consolidation range after dropping to the middle boundary of the channel. This implies that there is a battle between the bulls and bears at this price level, with buying and selling pressure even. However, a downward break of the consolidation range would lead to Ethereum's next stop at the $1.7K range, whereas a resurgence of the bulls would likely see the price attack the $2.1K resistance region.
According to on-chain analysis, Ethereum's price has been trending upward since the start of 2021, with the Net Unrealized Profit/Loss (NUPL) metric revealing that an increasing number of investors are becoming profitable. This suggests a bullish sentiment across the market, but investors may soon realize their profits, causing short-term corrections due to growing selling pressure.
All in all, it's hard to say whether Ethereum's future will be bullish or bearish. The cryptocurrency is currently in a state of consolidation, and its direction is yet to be determined. However, with critical support and resistance levels in place, market participants should keep a close eye on the price action and be ready to adjust their positions accordingly.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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