- Ethereum price has crossed the 20-day SMA over the last two days.
- ETH faces a weak-to-moderate resistance barrier at $2,475.
Since March 30, the Ethereum price has been riding along the 20-day SMA and jumped from $1,810 to $2,650, growing by almost $840. In fact, earlier today, ETH reached a new all-time high of $2,713.58 before retreating to $2,650.
Ethereum Price Retreats From $2,700
ETH has had a bearish day after a hattrick of extremely bullish days. However, the overall sentiment surrounding the Ethereum price is positive.
- The 20-day SMA was flipped from resistance to support.
- The MACD shows that market momentum has reversed from bearish to bullish.
- The parabolic SAR has reversed from negative to positive.
Image: ETH/USD daily
On the downside, there is a robust support wall at the 20-day SMA ($2,335) wherein nearly 335,000 addresses had purchased a little over 9.75 million ETH tokens
Ethereum Price Gas Fees Going Down
“#Ethereum average gas fees are back at sub-$10 levels, and $8.14 is the lowest average cost in three months. This is obviously encouraging, with $ETH holders being able to confidently move their holdings without fear of such heavy incurred costs.”
Whales Keep Buying Ethereum From Panic Sellers
A recent correction in the cryptocurrency market led many investors to panic and sell their previous investments. However, negative investor attitudes generally provide other investors with an opportunity to profit. Large “whale” investors appear to have taken advantage of the uncertainty to buy Ether at a discount.
Ethereum’s supply distribution chart reveals that the number of addresses with 10,000 to 1,000,000 ETH surged by 0.70% over the past week. Roughly nine whales joined the network within that period.
The growing number of whales may seem insignificant initially. However, when considering that high-net-worth individuals hold between $25 million and $2.5 billion in ETH, the sudden spike in buying pressure can translate into billions of dollars.
IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model revealed that ETH is currently trading above stable support. Based on transaction history, over 200,000 addresses previously purchased nearly 10,000,000 ETH between $2,270 and $2,300.
This massive demand barrier could absorb any further downward pressure, as holders within it may do anything to prevent seeing their investments going “Out of the Money.” As long as the $2,270-$2,300 support zone holds, Ether will likely rise toward the resistance level of $3,000.
Ethereum Price Is Expected To Reach These Levels
The buyers have the license to aim for the $2,800 psychological level.