SNEAK PEEK
- Ethereum faces critical support at $1,800 to $1,870 and resistance at $2,040 to $2,100.
- Investor activity shows 3.4 million addresses buying 11.2 million ETH within the support range.
- Ethereum price analysis shows bullish market sentiment in the past 24 hours.
An analysis of Ethereum’s recent price action shows that the digital currency is grappling with critical support and resistance levels. A robust foundation exists within the price range of $1,800 to $1,870, where many investors have acquired 11.2 million ETH across approximately 3.4 million addresses.
Notice that #Ethereum sits on top of stable support between $1,800 and $1,870, where 3.4 million addresses bought 11.2 million $ETH.
However, the resistance between $2,040 and $2,100 is more significant. Here, 1 million addresses had previously purchased 27 million #ETH. pic.twitter.com/i8Vy4W7MW0
— Ali (@ali_charts) July 11, 2023
Conversely, the resistance zone from $2,040 to $2,100 holds greater significance. This particular level has witnessed notable attention from the market, as around 1 million addresses previously purchased an astounding 27 million ETH.
These support and resistance levels now play a crucial role in shaping Ethereum’s price trajectory. As market participants closely monitor the digital asset, its ability to overcome the resistance barrier will likely reflect bullish sentiment, potentially leading to further price appreciation.
While examining the implications of these support and resistance levels, it becomes evident that the actions of numerous investors significantly influence Ethereum’s price. The accumulation of ETH within the support range suggests that many market participants perceive this price range as an attractive entry point.
Conversely, the resistance zone represents a substantial hurdle for Ethereum’s price to surmount. The significant volume of ETH previously purchased within this range highlights the potential selling pressure that may arise as the price approaches this level. The ability of the cryptocurrency to breach this resistance barrier will serve as a crucial indicator of market sentiment and future price movements.
In conclusion, Ethereum’s price dynamics are currently intertwined with critical support and resistance levels. The accumulation of ETH within the support range underscores investor interest. At the same time, the substantial number of addresses involved in purchasing ETH within the resistance zone signifies the potential for selling pressure.
Ethereum Price/Technical Analysis: ETH Consolidates Around $1,860 Region as Bulls and Bears Battle for Control
The most recent Ethereum price analysis shows that the digital currency is currently consolidating around the $1,860 region. The price has moved between support at $1,830 and resistance at $1,900 throughout the past few days as bulls and bears battle for control.
As of press time, the daily chart of ETH/USD shows that bulls are pushing to break through the resistance level at $1,900. ETH is exchanging hands at $1,890 as of this writing. The current support level of $1,860 provides a base for the bulls to build on before they can make their way up.
A break below this level could see Ethereum’s price drop to retest $1,830. On the other hand, if bulls break through resistance at $1,900 and push towards higher levels of $2,000, ETH/USD could find some traction.
The market capitalization is $208 billion as ETH dominance rises to 19%. The daily trading volume has been relatively low but exceeds $5.0 billion. The trading volume has seen a major loss, registering a 17% decline in the past 24 hours. However, the market cap is rising, showing a positive outlook for ETH.
The 4-hour technical indicators reflect bullish sentiment. The MACD and RSI are in the positive region, indicating buyers have the upper hand. The 20-day SMA is trending upward, indicating a further upward push for Ethereum’s price as it consolidates around $1,860.
The Moving Average Convergence Divergence indicator is in the bullish zone and continues to generate higher highs. This suggests that buying pressure remains strong, enabling ETH to maintain its current level of support at $1,860. The Relative Strength Index has climbed above 50, indicating that bulls will likely take control of the market.
Overall, market sentiment remains optimistic as bulls look to push ETH/USD past the $1,900 resistance level. Ethereum could target higher levels of $2,000 and beyond if they succeed. However, if the bears regain market control, ETH could retest $1,830.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
