ETH Price Analysis: Will the Ethereum Price Recover Soon?
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Answer ETH Price Analysis: Will the Ethereum Price Recover Soon?
The total market capitalization of the cryptocurrency market has fallen below $1.5 trillion after hitting a peak of $2.4 trillion.
The decline in the total value is led by Bitcoin, which moved away from its highs and is currently resisting to stay above the $32,000 level.
Ethereum, the second largest cryptocurrency by total value, also lost record highs, including a weekly high of $2,400, where several support areas failed to rescue the bulls, allowing Ethereum to test the $2000 level.
This crucial support was reinforced by the 100 simple moving average (SMA), as shown in the four-hour chart below.
The Ethereum currency is currently trading at $2,120 amid a gradual renewed recovery.
Read:In another purchase: “MicroStrategy” buys Bitcoin for $ 15 million
The technical picture shows that this recovery is bound to encounter many obstacles along the way.
Ethereum (ETH) price recovery faces tough milestones:
The MACD indicator adds credence to the bearish outlook as observed on the Ethereum curve, since the exponential moving averages intersect, as bearish or bullish signals are sent to allow investors to buy and sell Ethereum.
At the moment, Ethereum is in bear hands, as Ethereum sell orders started when the 26-day moving average broke below the 26-day moving average.
In addition, the bearish expectations were supported by the crossing of the MACD line into the negative territory.
The In/Out of Money Around Price (IOMAP) model enhances the deep presence of sellers in the market, especially in the $2,182 to $2,243 range.
In this region, 509,000 addresses totaling 9 million ETH were purchased.
Trading above this area is vital and important to maintain the uptrend towards $2400.
However, it would be difficult for the bulls to break through easily.
Ethereum price is facing relatively weaker support areas, which means that the downtrend is not completely over yet.
Read:Tether Mafia: 318 addresses control 80% of the total number of Tether coins
However, the above IOMAP pattern reveals a buying congestion zone between the $1,864 and $1,926 level, where approximately 1.84 million ETH was accumulated by 363,000 addresses.
Ethereum price levels today:
- Current price: $2110
- Direction: descending
- Volatility: high
- Support: $2000 and $1800
- Resistance: $2,200 and $2,400
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