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- 1 ETH price dragged below the neckline support of $3200 mark.
- 2 Buyers are attempting to hold the $3000 mark and are in trouble.
The ETH price has dragged to its round level support zone of $3000 and is delivering short buildup for the past sessions. Moreover, the chart displays a bearish pennant pattern replicating the lower top and lower bottom swings. If the trendline support zone of $3000 is breached, the coin may extend the downfall and may retest the $2500 mark ahead. Conversely, the $3000 mark is the key support zone, where buyers have maintained a grip and are attempting a pullback.
At press time, the Ethereum coin (ETH) price traded at $3029.10 with an intraday
drop of 0.58%, reflecting neutrality on the charts. It has a monthly return ratio of -16.24% and 45.30% on a yearly basis. The pair of ETH/BTC is at 0.0487 BTC, and the market cap is $370.40 Billion. Analysts are bullish and suggest that the Ethereum price may find support near $2700 – $2900; a pullback is likely soon.
ETH Price Volume Profile On Daily Chart
The above chart displays the price volume profile of the Ethereum (ETH) crypto showcasing a retracement over the last few sessions. Amidst the global market negative sentiment and panic selloff in the market, the ETH coin held the gains, retracing merely 16%. The intraday trading volume dropped over 33.29% to $13.01 Billion.
Price Volatility and MVRV Ratio Overview
Amidst the range bound move, the coin displays a massive pump and dump move in the price volatility curve this week. The price volatility curve noted a decline over 43.90% to 0.00754. However, the MVRV ratio noted around -2.02 signifies a neutral price behavior.
Social Dominance X Followers, and Total Sentiment Overview
The social dominance data noted a spike from 2.40% to 7.525%, amid a minimal rise in the discussion reports. However, the X followers’ data reflects a sharp decline and losing over 62.37% to -9302. However, the weighted sentiment value stayed near the midline at -0.227.
Development Activity & Total Open Interest Insights
However, the derivative data reflects short profit booking; the open interest rose over 4.79% to $4.98 Billion in the last 24 hrs.
Per the Fib levels, the ETH price has decisively holding gains above the 38.6% zone and retested the mid bollinger band support zone. However, the RSI curve stayed in the oversold region, and a negative crossover was noted on the charts.
The total supply of the ETH coin is 122.37 Million, whereas the volume-to-market cap ratio is 0.0352, and it is ranked 2 in terms of market cap in the global crypto market.
Summary
The Ethereum coin is trying to settle gains near its round level support zone of $3000 and is hovering around the 100 day EMA. However, the sellers are looking confident and are eager to break the zone to initiate a downfall ahead.
Technical Levels
Support Levels: $2910 and $2700
Resistance Levels: $3180 and $3300
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
