Ethereum Price Analysis: Holders Sell At $1,900 Psychological Level

Last Updated July 23rd 2021
2 Min Read

Daily Ethereum ETH Price Forecast
  • Ethereum price has a moderate resistance barrier at $1,900.
  • Ethereum sees a notable rise in whale transactions.

Between March 9 and March 12, the Ethereum price has been trending between $1,900 and $1,750, in a narrow $150-channel. The buyers shot the price up to $1,925 this Saturday, however, the sellers have since stepped back into the market.

Ethereum Price Drops Below $1,900

This Sunday, the Ethereum price dropped under bearish correction and fell to $1,870. The 50-day SMA has crossed above the 20-day SMA to form the bearish cross. The relative strength index (RSI) is trending along next to the overbought zone.

eth/usd daily chart 031521

Image ETH/USD daily

On the downside, there are two healthy support walls at $1,800 and $1,750. The strong support is at $1,750, wherein nearly 355,000 addresses had purchased over 9 million ETH tokens. On the upside, the $1,900 resistance isn’t that strong.

eth/usd volume chart 031521

Image: IntoTheBlock

Ethereum Whale Transactions On The Rise

Santiment Chart

Image: Santiment

As noted by Santiment, the number of transactions done by whales is on the rise. They tweeted:

“Bitcoin, #Ethereum, #Chainlink, and #BinanceCoin continue to see long-term rises in whale transaction counts, which we deem any single transactions valued at over $100,000. Large addresses amongst #crypto's elite assets continue to make volatile waves.”

Managing Partner of Moonrock Capital: Ethereum Price To Reach $2,500 Next Week

Ether’s (ETH) price surged past the $1940 level recently, prompting several crypto analysts to forecast that ETH would reach $2500 in the near future.

Simon Dedic, the co-founder and managing partner at Moonrock Capital, predicted that Ether will reach $2500 in the next few days. 

“$ETH will go to 2500 next week and is going to take all alts with it.”

With the help of technical analysis, crypto analyst and influencer Carl Martin explained why he believes ETH is headed to $2500. 

“#Ethereum breaking the cup & handle, with a target of $2,500!!!”

Scott Melker, a crypto analyst and trader at Texas West Capital, said that according to his analysis of Ethereum charts, the demand for ETH is strong. 

“Ethereum is holding support on the $BTC pair - a bit surprising on a move this meaningful for Bitcoin. Strong demand here, pierced the bottom. This could be an epic sign for alts if it continues to rise.”

Ethereum Price Is Expected To Reach These Levels

Ethereum price will regain control and attack the $1,900 level once again, If they manage to break past that, ETH will likely reach $2,000.

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