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Ethereum’s price rally has slowed down in recent weeks. The price has still not recovered above the $2,000 level, which is worrying many market participants.
ethereum price technical analysis
By: edris
Daily Chart:
On the daily time frame, price has been forming higher highs and higher lows since bouncing above the 200-day EMA in early June.
However, there is a clear lack of bullish momentum as ETH price is retracing towards the 50-day EMA located near the $1,900 level. If it breaks down, there are two close support levels available: the resistance level at $1,800 and the 200-day EMA around the same price mark.
Therefore, although momentum appears to be waning, there is hope that a bounce from any of these levels will lead to the next rally higher.
4 hour chart:
Recent PA developments become clear on the 4-hour chart.
ETH price has broken above the $1,930 resistance twice since the beginning of July, but failed on both occasions, as it declined sharply below the level.
Currently, the price is once again targeting the $1,850 short-term support, with the $1,750 level available as the next target if the previous level fails to hold. The RSI indicator, while earlier indicating a possible fakeout breakout and a decline, is giving little insight at the moment, as it is hovering around the 50% value. This behavior confirms the balance of indecision and momentum of market participants.
sentiment analysis
By: edris
Ethereum Coinbase Premium Index
Ethereum price has remained relatively stable over the past few months, consolidating around the $2,000 level. However, there is interesting activity going on in the background.
The chart displays the Ethereum Coinbase premium differential, which is calculated based on the difference between the price of ETH on Coinbase and Binance, the two largest exchanges in the world. This metric shows whether US investors are buying or selling overall compared to other investors. Positive values indicate buying pressure from the United States.
As the image shows, there has been a significant shift in the US market sentiment, as the premium differential index has been mostly positive. Given that many US investors are wealthy individuals or institutions, this could be a positive sign for ETH, indicating that it may be in an accumulation phase at the start of a new bull run.
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cryptocurrency chart by Tradingview.
