ETH Price Analysis: Ethereum Reclaims $1,000 But is The Worst Over?

Ethereum is struggling in an important support area. So far, all attempts for an uptrend in the lower time frame have been rejected.

technical analysis

Technical Analysis By grizzly

daily chart

On the daily time frame, the bulls have defended the $900 support area. This level is likely to extend further towards the range between $900 and $700 (in green). The price is moving up in a descending channel (in yellow) and has touched the lower band.

It should be noted that if sellers increase their pressure, it is possible that in the coming weeks, ETH will again move to the bottom of the channel (~$700). On the other hand, a break above the horizontal resistance at $1300 and a move towards $1700 is needed to start a bullish trend. It would also be necessary to break that last level for the trend to reverse.

Key Support Levels: $900 and $700
Major Resistance Levels: $1300 and $1500 and $1700

Moving Average:
MA20: $1392
MA50: $1793
MA100: $2432
MA200: $3044

ETH/BTC chart

Against BTC, the price is currently struggling with the first Fibonacci level at 0.236, which is located at 0.0557 BTC. The support area is considered to be in the 0.05 to 0.045 BTC range. Fundamental news releases such as a merge event may persuade buyers to enter the market, but until then, it is challenging to see the cryptocurrency move significantly.

Key Support Levels: 0.050 BTC and 0.0.045 BTC
Major Resistance Levels: 0.055 BTC and 0.06 BTC

on-chain analysis

Exchange Netflow (Total)

It is clear from this chart that buyers are yet to dominate the market. Inflows to the exchanges are still high, which has led to an increase in exchange reserves, resulting in selling pressure. When the chart sees consecutive red histogram bars, it can be expected that the bulls have taken control of the market.