Huge Move Incoming? (Ethereum Price Analysis)
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Following almost zero moves, Ethereum has been going through a period of low volatility over the past week. The price is amid the critical support at $3,000, and the bulls have so far successfully defended it.
Technical Analysis
Technical analysis by Grizzly
The Daily Chart
On the daily timeframe, the bulls have held the price above the support at $3,000. Buyer takers in this area have gained a little more power, and the volume delta has increased.
Looking at the last few months, we find that the accumulation phase ( blue rectangle) ended in mid-March amidst the drop and the high price fluctuations.
Right after that, ETH entered a distribution phase (yellow rectangle), which led to a price correction. Considering that the bears’ power has slightly reduced in case ETH can stay above the support at $2800-$3000, and we can see another leg towards $4000 in the mid-term.
Moving Averages
MA20: $3238
MA50: $2987 (ETH is above this)
MA100: $2934 (ETH is above this)
MA200: $3493
The 4-Hour Chart
On the 4-hour timeframe, ETH is trading below the resistance at $3150, which failed in its first attempt to break above it on March 14.
On the other hand, the Ichimoku cloud has a considerable thickness in this area. Its intersection with the horizontal resistance caused the bulls to have difficulties in breaking this area. If ETH can breach this area, the horizontal resistance at $3300 will probably get retested quickly. Otherwise, the supports at $3000 and $2800 are levels that can be expected to support the price.
On-chain: Exchange Inflow (Top10) – All Exchanges (SMA 14)
This is the total coins amount of the top 10 transactions inflow to the exchange. A high value indicates investors who deposited a lot at once increased. It could mean higher selling pressure and a future price drop.
Whales, or those who deposit ETH in large amounts, are still very active. Of course, this activity level is not as we saw previously. However, the inflow of more ETH will probably cause sell pressure or increase fluctuations in the derivatives market.
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