Ethereum Price Prediction: ETH Flashes Sell Signal At All-Time High Level

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
3 Min Read
  • Ethereum price reached an all-time high level of $2,152.45 on April 2.
  • Santiment shows that public sentiment has turned positive after ETH reached all-time high.
  • The bulls took charge of Ethereum price on March 25, during which it was trending around $1,590. Since then, the price rose steadily and reached an all-time high of $2,152.45 on April 2. However, the price then flashed a sell signal and dropped.

    Ethereum Price Falls After Flashing Sell Signal

    The Ethereum price flashed a sell signal in the form of a green-nine candlestick in the TD sequential detector. Since then, ETH dropped to the $2,005 support line and then bounced back up to $2,085. The MACD shows that the market momentum is increasingly bullish.

    Image: ETH/USD daily

    eth/usd daily chart 040521

    The IOMAP shows us that the Ethereum price has two healthy support walls – $2,000 and $1,875.

    1. $2,000: 13,200 addresses had previously purchased 2.5 million ETH here.
    2. $1,875: 108,000 addresses had purchased 8 million ETH tokens here.

    Image: IntoTheBlock

    eth/usd volume chart 040521

    Now, when we look at the social media sentiment, Santiment tells us that the overall Twitter sentiment has turned positive after Ethereum price reached all-time high level.

    “When history is made on the 2nd largest #crypto asset, it's worth a comprehensive look at which metrics led to #Ethereum's #ATH being broken. Read how exchange inflow, social volume, dormant tokens, & others should continue to be major price predictors.”

    There is another chart regarding Ethereum price that Santiment shared:

    "#Ethereum bulls, #GoodFriday has a brand new meaning, jumping to a new #AllTimeHigh of $2,083 today. The hour before this price was achieved, we saw $ETH's on-chain transaction volume spike. After being hit, discussion rates reached a 7-week high."

    CryptoQuant: $800,000,000 in Ethereum Just Left Crypto Exchanges

    CryptoQuant CEO Ki Young Ju recently said that 400,000 Ether (worth $800 million) were withdrawn from Coinbase. He noted that the move might have been fueled by institutional demand for the second-largest cryptocurrency by market cap. 

    “400k $ETH flowed out from Coinbase a few days ago. Speculative guess, institutions are now buying $ETH.”

    Earlier this year, Grayscale disclosed that in the last quarter of 2020, 93% of all capital inflows into digital assets were from institutions. The average weekly investment into the Grayscale Ethereum Trust during that period was $26.3 million. At the beginning of March, crypto analytics firm Santiment said that large investors (defined as those holding over 10,000 ETH) were in control of nearly 70% of the digital asset’s supply.

    As Ethereum rebounded above $1,685 today for the first time in 10 days, whales (owning 10,000+ ETH) now own 68.6% of the total supply. This is the highest % owned by whales since November, 2017. 10-10,000 addresses meanwhile, own the lowest % since September, 2017. 

    Last month, Ether received one of the largest shares of capital inflows relative to other cryptocurrencies, according to CoinShares. The capital inflows into ETH from institutional investors amounted to $130 million from the beginning of March to March 26th, while the total amount of capital inflows for all cryptocurrencies was $469 million. This approximately amounts to 28% of the total capital inflows, while Ethereum’s market capitalization is only 12% of the entire space.

    Ethereum Price Is Expected To Reach These Levels

    Ethereum price is well positioned to retest the all-time high level and reach new heights.

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