It turns out that Ethereum was unable to start a serious rally for recovery again and plunged towards the coveted $ 1,000 mark /
Technical analysis
To Grizzly
Daily chart
In the weekly time frame, there are two major uptrends since Ethereum first opened on Binance in 2015. The yellow line served as both support and resistance level, and the white line served as support before the price fell below $ 1,500. A 200-week moving average (light blue) is also shown to highlight the importance of current prices to past market valuations.
If a bullish scenario is run, the bulls will outperform the MA200. The MA200 is $ 1200, recovering the resistance zone from $ 1300 to $ 1500 and finally surpassing $ 1700 to break the white trendline. Nevertheless, given the potential recession and the uncertainty of the macro landscape due to lack of liquidity, it seems like a difficult mission.
On the other hand, if the bear can push the price below the support zone from $ 880 to $ 1000, reaching horizontal support at $ 500 (green) is not out of the question.
Main support levels: $ 1000 and $ 880
Major resistance levels: $ 1280, $ 1540, and $ 1700
Daily moving average:
MA20: $ 1148
MA50: $ 1401
MA100: $ 2053
MA200: $ 2534
4-hour chart
In the four-hour time frame, buyers were unable to push prices above their final high of $ 1,280. This formed ETH a double top pattern. This is a technically bearish structure. But first, you need to break the neckline to see the bearish price behavior. If it touches the horizontal support at $ 1000, the cryptocurrency could bounce again. The area between $ 1,000 and $ 880 may prevent further declines in the short term.
On-chain analysis
Fund Holdings
meaning: The total amount of coins holding digital assets such as trusts, ETFs and funds.
During the recent sale, holding digital assets reduced supply by approximately 230,000 ETH. They have kept their wealth at a constant level since May 2021. Investors have not yet found a positive trigger for the market and seem to want to be on the sidelines. Although the amount of coins held has decreased in the short term, it is still at a high level compared to the previous year.
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Cryptocurrency chart by TradingView.
