Ethereum Price Analysis: ETH Consolidates Above $1,800 In The Last Three Days

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Price Forecast
  • The IOMAP shows a lack of strong resistance barriers upfront for Ethereum price.
  • The SMAs were about to form a bearish cross and have since diverged from each other.

Between March 6 and March 13, the Ethereum price bounced up from the 50-day SMA to go from $1,530 to $1,920. However, this is where the $1,900 resistance entered the fray and dropped ETH to $1,790. Since the buyers had stepped back into the market.

The Ethereum Price Is Hovering Above The $1,800 Level

As Ethereum price dropped below the $1,800-level, many buyers managed to take advantage of this situation to buy into the market. Since then, ETH has managed to go up to the $1,835-level. Due to this bullish resurgence, the 20-day and 50-day SMAs were about to form a bearish cross, but they have since diverged away from each other.

eth/usd daily chart 031821

Image: ETH/USD daily

The downside is protected by the $1,750 support wall. Previously, 645,000 addresses had purchased 9.7 million ETH tokens at this zone. This zone is robust enough to absorb a lot of selling pressure.

eth/usd volume chart 031821

Image: IntoTheBlock

Half A Million ETH Staked By Kraken Users

Kraken crypto exchange recently revealed that “the total amount of ether staked through its platform has now surpassed 500,000 ETH, as the Ethereum community continues to express its support for the much-awaited transition to proof of stake (PoS).” 

The launch of the beacon chain in December 2020 started Ethereum's transition to Ethereum 2.0. The scaling solution began the network’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm. Since December, Kraken exchange users have allocated more than half a million Ether (ETH) to the platform for staking purposes.

Staking interest for ETH 2.0 surged by the end of 2020 leading up to the beacon chain launch. The launch needed at least 16,384 participants to stake a combined sum of 524,288 ETH or more.

People can stake on the Ethereum 2.0 themselves if they own at least 32 ETH and complete some processes. However, ETH staking on Kraken is more user-friendly and requires less capital. In a statement, the exchange said: 

Staking on Kraken can be done in just three clicks and is open to anyone. Clients can stake from as little as just 0.00001 ETH, which is currently worth a little under 2 cents.

ETH staked independently will be locked indefinitely until certain ETH 2.0 developments are met. The statement added that ETH staked on Kraken operates under more flexible parameters, depending on regulatory requirements of certain regions.

Ethereum Price Is Expected To Reach These Levels

The Ethereum price has the room to grow till the $1,900 resistance, as shown by the relative strength index. If ETH conquers this level, it will reach $2,000.