Ethereum jumps strongly to the upside as the market wakes up thanks to Bitcoin, and today to find out where the price is heading I did this technical and fundamental analysis.
At the time of this writing, ETH is trading at $ 2,279.61, accumulating a loss of 0.76% in the last 24 hours, but maintaining a gain of 19.57% in the last 7 days.
For some, this cryptocurrency is even better positioned than Bitcoin to rack up profits in the next rally.
However, we saw the ETH / BTC pair decline again as Bitcoin shows quite strong.
Even so, it is quite likely that this pair will start a bullish rally soon. For now it is time to observe the reaction in the great support that is currently the price.
Ethereum vs Bitcoin daily chart technical analysis. Source: TradingView.
The current low fees on the ETH network give it an advantageous position at the moment, where DeFi is the biggest attraction within the crypto ecosystem, below Bitcoin of course.
Coin reserves on exchanges decrease
Analyst BabyTudor shows us a graph of how the amount of ETH on exchanges has fallen 5% from the recent peak, reached when the entire crypto market took a nosedive.
This metric on the Bitcoin network shows a decrease of only 0.5%. Despite being a positive sign, it is not as much as it is for Ethereum.
Another good sign is the great growth of coins staking at ETH 2.0, already representing 5.49% of total circulation.
The on chain data tells us about a very good health of this cryptocurrency currently. If we add to this the general bullish awakening of the market, I think the scenario is quite clear.
Ethereum Technical Analysis: Daily Chart
Today from the daily time frame we observe a very good behavior, as three resistances have been crossed without major problem, thus creating the beginning of a short-term uptrend.
Today the price is being hampered by a resistance at $ 2,322, and although this may cause some losses in the next few hours, it is most likely that we will only see a simple correction to continue rising.
If that resistance is breached, the next target level is at $ 2,610.
Doing a technical analysis of Ethereum’s weekly chart, we note that the bullish intention has yet to confirm a big change.
In order to overshadow the bearish force that was brought in in previous months, the resistance at $ 2,322 must be crossed, which will mean a resumption of the major uptrend, and the possibility that new all-time highs are on the way.
For the scenario to be pessimistic, the support at $ 1,728 must be lost, which would clear the ground to $ 1,536.
Ethereum technical analysis. ETH vs USDT weekly chart. Source: TradingView.
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