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- 1 Ethereum price is currently trading at $1861.67% while witnessing a drop of 8.63% in 24 hour trading volume.
- 2 Market capitalization is down by 2.11% so far today.
- 3 ETH price breached below 20 and 50-day EMAs but still trades above 50 and 100-day EMAs.
The Crypto-market saw a boom at the beginning of 2023 due to the fact that the federal reserve policy tightening evolved. With inflation cooling off and rescission looking more likely and slow burn on the U.S banking crisis lingering, investors took shelter in Bitcoin, ethereum and some of top cryptocurrencies causing rise in the price.
The bullish rally in Ethereum drove price to $2141.54 level which is an annual high of price from a low of $11.93.66 level causing an increase of approximately 79% in the price. ETH price is currently in the correction phase and has formed support at $1830 level. The support held the price previously.
Recently price received rejection from $2000 level and ETH price took a downturn bouncing back near the support area. Candles after rejection are strong bearish candles indicating increased participation of sellers has arrived at the doorstep of Ethereum. The cryptocurrency price today is witnessing rejection from support indication of responsive buyers on the $1830 level.
Bulls need to protect $1830 level as breach of it would cost price slipping to $1712 level causing a downfall of approximately 6.34%. The rejection from $2000 psychological level has turned out to be a barrier for price in reaching the annual highs of $2141.54.
Bitcoin rally to $29000 provided much needed momentum to ETH price for reaching $2000 level. Recent news regarding Ethereum taking deposits has outnumbered the withdrawals indicating that the net quantity of Ethereum being staked is positive. Ethereum also saw a shift of $505 million to binance, a crypto exchange on May 2nd indicating that the depositing of ETH token on exchange is bearish signs for investors.
ETH price technical analysis:
The chaikin money flow score is -0.12 indicating a weakness in the market. If Eth price can reside on the support of $1830 and increase in bullish momentum happens, there might be possibility of retest and break of $2000 level to again target for the annual highs. RSI trades at 47.16 indicating no significant pressure from bulls and bears as price reaches near the support region. Bollinger bands have contracted showing a volatility market for upcoming days. Longs/shorts ratio is 0.95 with 48.59% longs and 51.41% indicating more position for shorts in the Eth market.
Conclusion:
Market structure and price action is currently indecisive as price reaches near support level. the next move depends on pressure from bulls as well as bears. Technical parameters are starting to turn slightly bearish after rejection from the $2000 psychological level. Most of the suppression in Eth price came due to the whales holding 1000 to 10000 ETH offloaded a massive amount of tokens over the past two weeks. Lets see where ETH price might head from the support.
Technical levels:
Major support: $1830 and $1712.
Major resistance: $2000 and $2122.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
