ETH Remains Rangebound, Is This the Calm Before the Storm of 2023? (Ethereum price analysis)

                                                            Seitdem sind 51 Tage vergangen Ethereum erlebte einen erheblichen Absturz und fiel auf ein neues Jahrestief von 1,1.000 $.  Inzwischen ist der Preis in einer Preisspanne zwischen 1,1.000 und 1,3.000 $ festgefahren.  Eine weitere Konsolidierung im genannten Bereich wäre das wahrscheinlichste Szenario in den kommenden Tagen.

Technical Analysis

By Shayan

The daily chart

Ethereum is facing a critical price zone emerging from the 50-day moving average as Resistance and the mid-level of the multi-month channel as support.

The price should exit this tight range soon and set the short-term direction. If ETH surpasses the 50-day moving average at $1225, bulls should expect a breakout of the consolidation range at $1.3k.

However, if the price breaks below the middle border of the channel, another price drop could occur, leading to a crash towards the $1.1k static support (the lower level of the consolidation range).
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The 4 hour chart

The price has finally broken the pattern of bearish flag continuation correction to the downside. the cryptocurrency retested the broken level in the form of a pullback and consolidating with extremely low volatility. Additionally, there are three static price levels on the 4-hour time frame; a resistance level at $1230 and two support levels at $1160 and $1100.

The price is currently in a consolidation phase between the $1230 resistance level and the $1160 support. Considering the low volatility and current price action, the price could get stuck in this area in the short-term. Anyway, if Ethereum breaks below the $1160 support level, the market will enter a new consolidation phase between the $1160 and $1100 levels.
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onchain analysis

Of shayan

The whales and big players are the most critical and influential cohorts among market participants as they hold a significant portion of the supply. Hence, tracking their activities could play an important role in predicting the market conditions.

The chart includes the Exchange Inflow Mean (7-day moving average) and price. A higher value indicates that investors who deposited a lot at once are increasing recently. This could mean more selling pressure from the big hands and a possible future price drop.

The metric surged impulsively ahead of November’s big crash, suggesting that the larger hands may have caused the price drop by diversifying their assets. However, the metric has calmed down and decreased significantly. This shows that the market is suffering from a lack of activity. Still, it could be the calm before the storm.
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