Crypto NewsEthereum (ETH)

ETH is struggling for key support ahead of a possible further drop: Ethereum price analysis

                                                            Der Cryptowährungsmarkt hat sich nach dem massiven Rückgang in den letzten zwei Tagen beruhigt.  Derzeit liegt ETH auf einem kritischen Unterstützungsniveau, das die meisten Analysten als Schlüsselniveau bezeichnen, das sich in den letzten 12 Monaten entwickelt hat.

This is what awaits you in this article

Technical Analysis

Technical Analysis of Grizzly

The daily chart

On the daily time frame, the weekend was relatively stable after the bears pushed the price down more than 10% over the past two days.

But is this the calm before a huge storm?

ETH is moving up within an ascending channel (yellow) confirming the uptrend – making higher highs and higher lows. Assuming the bulls can sustain the price along this path, we can expect the horizontal Resistance retested at $3,000.

On the other hand, if the price continues lower, the long-term dynamic support (in green) at $2,500 could be a possible area of ​​support. At the moment the selling pressure has eased somewhat. However, buyers have not yet dominated the market.

ETH is struggling for key support ahead of a possible further drop: Ethereum price analysis, Crypto Trading News

Key support levels: $2500 & $2300

Important resistance levels: $3000 & $3300

Moving Averages:

MA20: $2887

MA50: $3062

MA100: $2922

MA200: $3425

The 4 hour chart

On the 4-hour timeframe, ETH is trading inside a falling wedge (in yellow). The price experienced a fake breakout before returning to the wedge.

So far, the bottom of the wedge has acted as solid support and is likely to see further consolidation in the $2,700-$2,800 range (in red), which is a key confluence zone on this timeframe. Weak candles are forming at the moment, which suggests that buying pressure is not as strong.

ETH is struggling for key support ahead of a possible further drop: Ethereum price analysis, Crypto Trading News

On-Chain Analysis

Locked total in DeFi (TVL) – USD – (30D MA)

When the market is bullish, investors have a strong desire to lock their crypto assets on DeFi platforms, which increases TVL. But for now, there’s some skepticism among investors, and they probably prefer to keep some of their wealth in cash.

ETH is struggling for key support ahead of a possible further drop: Ethereum price analysis, Crypto Trading News

Source: Crypto News Deutsch

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