Ethereum Price Prediction: ETH On Its Way Towards The $2,500 Psychological Level

Daily Ethereum ETH Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • Ethereum price has flashed the buy signal in the TD detector.
  • The MACD shows sustained bearish market momentum.
  • In a two week span between May 12 and May 23, the Ethereum price has crashed from $4,180 to $2,088 – losing more than $2,000 in its overall valuation. During this drop, the ETH price managed to flip the 20-day and 50-day SMAs from support to resistance. However, it seems that the buyers may have taken back control

    Ethereum Price Flash Buy Signal

    This Sunday, the Ethereum price flashed the buy signal in the form of a red-nine candlestick in the TD sequential detector. Following that, ETH has jumped from $2,088 to $2,490, as it looks to regain the $2,500 psychological level. However, as the MACD shows, the overall market momentum is still very bearish.

    Image: ETH/USD daily

    ETH/USD daily chart 052521

    Looking at IntoTheBlock’s IOMAP, Ethereum price is sitting between two formidable levels. The buyers will need to overcome the $2,550 resistance barrier to continue its upwards march towards the 50-day SMA. Previously, at this level, nearly 190,000 addresses had purchased over 2.5 million ETH tokens.

    Image: IntoTheBlocks

    ETH/USD volume chart 052521

    Ethereum Twitter Sentiment Is Negative

    ETH Twitter Sentiment

    Santiment tweeted:

    "After a series of #buythedip rallies by the #Ethereum crowd, traders are running out of steam. Our data indicates #cryptotwitter is the most negative toward $ETH it's been in five weeks. Typically crowd capitulation is the true sign a bounce can happen."

    Exchange withdrawals have also cooled down, The total count of transfers from exchange addresses, i.e. the number of on-chain withdrawals from exchanges. Note that exchange metrics are based on our labeled data of exchange addresses that we constantly keep updating, as well as data science techniques and statistical information that changes over time. Therefore these metrics are mutable – the data is stable, but especially most recent data points are subject to slight fluctuations as time progresses.

    ETH Exchange Withdrawals

    Glassnode observed:

    "#Ethereum $ETH Number of Exchange Withdrawals (7d MA) just reached a 10-month low of 818.804 Previous 10-month low of 819.935 was observed on 03 December 2020"

    Ethereum mining revenue set for record-breaking month despite price declines

    Ether (ETH) is significantly down from its all-time high this month, but May appears to be representing a record-breaking month for ETH miners.

    Data by The Block Research has shown that as of May 23, ETH miners have hauled in some $1.93 billion in revenue. Of that, $922.46 million came in transaction fees or costs associated with transacting on Ethereum. Subsidy payments to miners made up the remaining $1.01 billion. 

    As we approach the end of May, the overall revenue figure is expected to move higher. Miners make profits when the revenue from their mining exceeds the cost of electricity and other expenditures in the mining process. 

    ETH Miner Revenue
    Ethereum Price Is Expected To Reach These Levels

    The Ethereum price will need to overcome the $2,550 resistance barrier to touch the 50-day SMA. If ETH manages to overtake the 50-day SMA it will reach the $3,000 psychological level.