Ethereum Price Prediction: ETH Flips 20-day SMA From Resistance to Support

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price drops after failing at the 50-day SMA.
  • The MACD shows sustained bullish market momentum.
  • Since May 20, the Ethereum price has been trending between the 50-day SMA and the $2,090 support line. Since June 3, ETH has been stuck in a sandwich between the 20-day and 50-day SMAs. Prior to that, Etherteum had crashed from $4,200 to $2,092 between May 12 and May 23. Let’s take a closer look with technical analysis.

    Ethereum Price Faces Immediate Resistance At 50-day SMA

    On May 3, the Ethereum price failed at the 50-day SMA and dropped from $2,850 to $2,720 over the next four days. As things stand, ETH is presently sitting on top of the 20-day SMA. Both the MACD and parabolic SAR tells us that the current market sentiment is positive.

    Image: ETH/USD daily

    ETH/USD daily chart 060721

    According to the IOMAP, the Ethereum price faces immediate resistance at the $2,750 line. Previously, at this level, nearly 573,000 addresses had purchased over 3 million ETH tokens.

    Image: IntoTheBlocks

    ETH/USD volume chart 060721

    Ethereum On-Chain Analysis From Santiment

    ETH Weighted Sentiment

    “#Ethereum is +20% over #Bitcoin's +6%, and the crowd's negative perception toward $ETH right now, according to our data, may just be fueling the price higher. We're seeing commentary is more #bearish than usual, which very often pushes prices upward.”

    "#Ethereum has risen sharply as the weekend has kicked off. Our NVT token circulation model indicates that $ETH tokens are still being exchanged on its network at a high level compared to its current market cap level, indicating a slight bullish divergence."

    Ethereum On-Chain Analysis From Glassnode

    ETH Price/NVT Comparison

    “#Ethereum $ETH NVT Ratio (7d MA) just reached a 10-month high of 1,522.669 Previous 10-month high of 1,520.595 was observed on 21 October 2020.”

    ETH NVT Ratio

    "#Ethereum $ETH Percent Miner Revenue from Fees (7d MA) just reached a 11-month low of 16.270%."

    Ethereum Price Is Expected To Reach These Levels

    The Ethereum price needs to conquer the $2,750 resistance barrier and then potentially take down the 50-day SMA.

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