Ethereum (ETH) is nearly ending the week on a bearish note. Bears stepped up to push the 2nd-largest crypto lower after the alt hit the $3,547 weekly peak. For now, the daily 20MA line serves as a dependable support floor, and ETH bulls struggle to keep the zone.
Ethereum Daily Chart
According to the 24hr chart, the ETH price plummeted towards the daily 20MA. That comes after Ether bulls failed to keep the vital zone at daily 200MA. Now, is the alt done with upside aspirations? We will evaluate crucial resistance and support areas to answer this.
Meanwhile, the daily 50MA and 100MA stayed close, presenting a psychological foothold for the crypto. Bulls remain in safe hands provided ETH trades beyond this support. However, retracements are still possible with the token’s failure to climb past the daily 200MA line or the resistance around $3,850.
Moving Average Zones
- 20MA – $3,255
- 50MA – $2,922
- 100MA – $2,978
- 200MA – $3,489
Ethereum trades beneath 20MA and 100MA on the 4hr timeframe. Moreover, the alt could not close a candle beyond the level amidst the latest downtrend. Also, ROC 14 indicator stays in the bearish region, and Ether may witness a near-term price surge if it fluctuates to the descending line.
For now, Ethereum should battel to regain 100MA to create a higher high. That would mean a massive bullish signal for the altcoin.
On-Chain Analysis: Transaction Count
This on-chain metric accounts for successful transactions only. Transactions often increase whenever asset price surges. For now, ETH has this index at a crucial level. The leading altcoin has initiated upside trends after hitting this area in the past. If that occurs again, and the metric kick-starts a steep slope increase, this indicator supports an ETH move past the $4,000 mark.
Nevertheless, Ethereum’s price actions will depend on the broad market directional trends. While publishing this blog, the global cryptocurrency market capitalization stood at $1.97 trillion, following a 0.22% 24hr surge.
What are your thoughts about ETH’s move towards the $4,000 value area? Feel free to comment in the section below.