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ETH Maintained Key Support, But the Danger’s Still Not Over: Ethereum Price Analysis

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ETH Maintained Key Support, But the Danger’s Still Not Over: Ethereum Price Analysis

Following the last red days, ETH has hit the support area between the white descending line and the price range at $src,220-$src,280 (in green). So far, the bulls have successfully maintained the high selling pressure; however, the situation is still fragile.

Looking at the bullish case, ETH must close above the key resistance at $src,420 (in red). The first target of such a movement can be considered at $src650. However, the danger is still here, and if the support range at $src220 breaks, ETH is likely going for a retest of around $srcK.

Key Support Levels: $src220 & $src000

Key Resistance Levels: $src420 & $src650

Daily Moving Averages:

MA20: $src5src3


MA50: $src620


MAsrc00: $src472


MA200: $2004

The ETH/BTC Chart
Against BTC, ETH found support amid the 0.067 BTC level (in green) and was able to reclaim the significant 200-day moving average line (in white).

ETH must break above the 0.073 BTC key resistance (in red) to turn back onto the bullish track. Due to Ethereum’s decline below the most recent bottom, both against USD and BTC, a bearish continuation is a more likely scenario right now.

The recovery towards new highs may take some time because of the current negative sentiment.

Key Support Levels: 0.067 & 0.065 BTC

Key Resistance Levels: 0.073 & 0.08 BTC

Technical Analysis By Grizzly

On-chain Analysis
Exchange Outflow (Topsrc0) (SMA src4)
Definition: The total outflow of coins from exchanges – the top src0 transactions.

A high value indicates an increasing number of investors withdrawing large amounts at once. This could suggest a decline in the selling pressure.

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Cryptocurrency charts by TradingView.

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