The leading alt, Ethereum, saw a low volatility phase last week amid slight price moves. For now, ETH hovers around $3,000, and bulls have succeeded in defending the area. Should we expect a massive action from the second-largest crypto by value?
The daily timeframe has bulls keeping ETH beyond the crucial support floor of $3,000. Volume delta surged as buyer takers gained brief momentum at this value area. Analyzing trends over the past couple of months shows the accumulation phase concluded in mid-March due to massive fluctuations and price drops.
Such conditions saw ETH dipping into a distribution phase that translated to corrections. As bears seem to lose power, Ethereum can steady beyond the $2,800 – $3,000 support barrier before climbing higher. That can see ETH surging towards the sought-after $4,000.
- 20 MA – $3,238
- 50 MA – $2,987 (Ethereum hovers above the area)
- 100 MA – $2,934 (Ethereum stays beyond the zone)
- 200 MA – $3,493
The 4hr Chart
According to the 4hr timeframe, Ethereum trades beneath the resistance barrier of $3,150. The alt failed to break beyond the level on 14 March’s first attempt. Meanwhile, the Ichimoku cloud exhibited a substantial thickness at this level. Meanwhile, the intersection between the Ichimoku cloud and the horizontal resistance had bulls encountering challenges overcoming this region.
Ethereum breaching this level may see a swift move to retest the horizontal resistance near $3,300. Meanwhile, enthusiasts can expect the footholds at $2,800 and $3,000 to offer support to Ethereum, preventing further declines.
On-Chain: Top Ten Exchange inflow
These are the coins of the leading ten transactions inflow towards an exchange. A high number shows an increase in investors that deposit massively at once. It may mean surged selling momentum and future price declines.
Whales remain active. Though the activity does not match previous readings, more ETH inflow will lead to selling pressure or intensified fluctuations within the derivatives marketplace.
The global crypto market capitalization reflects market struggles, hovering at $1.89 trillion, following a slight 0.05% dip over the past 24 hours.