Ethereum Price Prediction: ETH Falls After Three Straight Bearish Sessions

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price falls below $2,500.
  • The RSI shows that buyers and sellers are canceling each other out.
  • The Ethereum price met resistance at the 50-day SMA and dropped from $2,860 to $2,350 between June 4 and June 11. During this crash, ETH managed to flip the 20-day SMA from support to resistance. Following this drop, Ethereum rose to $2,540- till June 14 but failed to cross the 20-day SMA.

    Ethereum Price Drops Below $2,500

    Over the last three days, the Ethereum price crashed from $2,540 to $2,350 – losing almost $190 in its overall valuation. As a result, the MACD has reversed from bullish to bearish. Plys, the Bollinger Band has started squeezing to show decreasing volatility.

    Image: ETH/USD daily

    ETH/USD daily chart 061821

    Looking at IntoTheBlock’s IOMAP, we can see that the Ethereum price has healthy support at $2,150. Previously, at this level, over 400,000 addresses had purchased over 1.22 million ETH tokens.

    ETH/USD volume chart 061821

    Ethereum Price On-Chain Analysis – Santiment

    ETH/USD santiment chart 061821

    "The top 10 #Ethereum non-exchange whale wallets are continuing to climb in terms of $ETH held. Combined, the 19.67m coins held by these addresses are the most combined $ETH owned by the top 10 non-exchange addresses since July, 2016."

    Ethereum Price On-Chain Analysis – Glassnode

    ETH/USD glassnode chart 061821

    "#Ethereum $ETH Amount of Supply Last Active 1m-3m (1d MA) just reached a 1-month low of 21,392,521.037 ETH. Previous 1-month low of 21,551,708.337 ETH was observed on 03 June 2021."

    ETH/USD glassnode chart 2 061821

    "#Ethereum $ETH Realized Cap just reached an ATH of $140,270,696,768.84. Previous ATH of $140,264,928,624.63 was observed on 16 June 2021."

    ETH/USD glassnode chart 3 061821

    "#Ethereum $ETH Total Gas Usage (7d MA) just reached a 1-month low of 3,932,398,756.262. Previous 1-month low of 3,932,812,402.512 was observed on 16 June 2021."

    ETH/USD glassnode chart 4 061821

    "#Ethereum $ETH Mining Difficulty just reached a 1-month low of 7,146,592,402,105,510. Previous 1-month low of 7,179,927,723,125,960 was observed on 14 June 2021."

    ETH/USD glassnode chart 5 061821

    "#Ethereum $ETH Mean Fee Paid (7d MA) just reached a 5-month low of $4.05. Previous 5-month low of $4.06 was observed on 16 June 2021."

    Ethereum Price Is Expected To Reach These Levels

    As things stand, the Ethereum price is crashing towards the $2,150 support wall. A further break will take ETH below the $2,000 psychological level.

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