[ccpw id="5"]

Wednesday, February 15, 2023
HomeAnalysisThis is ETH's Most Vital Stage to Watch This Week

This is ETH’s Most Vital Stage to Watch This Week


April was a bloody month for crypto, and particularly for Ethereum. The ETH worth fell from its month’s highest stage at $3580 to $2700 final night time. Can we count on May to carry out higher?

Technical Analysis

Technical Analysis By Grizzly

The Daily Chart

The following chart exhibits perpetuals’ change knowledge from FTX. ETH is buying and selling on prime of the marked long-term ascending line (in inexperienced).

This development line has supplied assist to the worth since January 2021, primarily based on the earlier 5 makes an attempt. ETH noticed a bullish leg following every of those makes an attempt.

Currently, ETH is heading in the direction of the sixth try on prime of the road, together with the blue horizontal stage, which intersects with the dynamic development line at $2,500. A breakdown may very well be catastrophic for ETH.

One factor to notice is that purchaser takers are much less dominant, as evident by taking a look at knowledge from Binance. Past uptrends have been accompanied by elevated purchaser dominance, which is marked on the chart under in yellow. Unfortunately, there isn’t a optimistic sign now.

Key Support Levels: $2800 , $2500 , $2300

Key Resistance Levels: $3000 , $3300

Moving Averages:

MA20: $2961

MA50: $3052

MA100: $2901

MA200: $3456

The 4-Hour Chart

On the 4-hour timeframe, the Fibonacci Retracement stage at 0.786 supplied assist and has thus far prevented ETH from breaking down.

On the opposite hand, the Fibonacci stage at 0.618 additionally acts as a stable resistance stage, at the moment round $2900. Suppose ETH can get away above the marked falling wedge (in blue), it could sign a reversal within the quick time period. If a better excessive at $3,000 is fashioned, this could improve the bullish sentiment.

On-chain Analysis

Number of Active Addresses (14d Moving Average)

Definition: The variety of distinctive addresses lively within the community, both sender handle or receiver. Only addresses that had been lively in confirmed transactions are counted.

This metric normally accompanies worth developments and will be thought-about an index of the community’s well being. When the worth strikes upwards, we are able to count on a rise within the variety of transactions on the community, which will increase the variety of lively addresses. This metric has been underneath a downward development and has reached the bottom stage after recording its all-time excessive in November.

Binance Free $100 (Exclusive): Use this hyperlink to register and obtain $100 free and 10% off charges on Binance Futures first month (phrases).

PrimeXBT Special Offer: Use this hyperlink to register & enter POTATO50 code to obtain as much as $7,000 in your deposits.

Disclaimer: Information discovered on CryptoPotato is these of writers quoted. It doesn’t characterize the opinions of CryptoPotato on whether or not to purchase, promote, or maintain any investments. You are suggested to conduct your individual analysis earlier than making any funding selections. Use supplied info at your individual threat. See Disclaimer for extra info.

Cryptocurrency charts by TradingView.


Please enter your comment!
Please enter your name here


TeraWulf newest bitcoin miner to restructure debt, inventory dives (NASDAQ:WULF)

South_agency/E+ by way of Getty Images TeraWulf (NASDAQ:WULF) inventory sank 28% in Thursday afternoon buying and selling after the bitcoin...

How I might make investments $20,000 in ASX 200 dividend shares in 2023

Image supply: Getty Images We’re nonetheless pretty new to 2023, regardless of the primary month simply passing us by. But what a yr it...

NFT: Polygon beats Ethereum on OpenSea

It’s all true: Polygon, by means of the main world market OpenSea, bought extra particular person NFTs than Ethereum for the second consecutive month, in...

Most Popular