- Ethereum price flipped 20-day SMA from support to resistance this Tuesday.
- The MACD shows sustained bullish market momentum.
Between June 4 and June 8, the Ethereum price has failed at the 50-day SMA and crashed from $2,860 to $2,500. During this drop, ETH managed to flip the 20-day SMA from support to resistance. Prior to that, ETH had jumped from $2,275 to $2,850 between May 30 and June 3.
Ethereum Price Faces Resistance At The 20-day SMA
This Wednesday, the Ethereum price has jumped from $2,500 to $2,556 and is stuck below the 20-day SMA. Both the MACD and parabolic SAR indicates that the present market sentiment is positive, which should push ETH above the 20-day SMA.
Image: ETH/USD daily
Despite the recent Ethereum price drop, the historical break-even price tells us that the majority of the addresses are in profit. According to the year-to-date average, 48.86 million addresses are in profit, while a little below 5 million are at loss.
Ethereum On-Chain Analysis From Santiment
“#Bitcoin has jumped back over $36,000 today, while #Ethereum and #altcoins are staying flat. As a result, crowd interest in $BTC has spiked back up to 3-week highs, according to @santimentfeed data.”
"#Ethereum has been quite a roller coaster these past few hours, and our team is looking for signs of crowd capitulation as a clear signal that it's buy time. Read our study on $ETH's sentiment, exchange inflow, age consumed, average fees, & more."
Ethereum On-Chain Analysis From Glassnode
"#Ethereum $ETH Realized Cap just reached an ATH of $139,935,103,305.94 Previous ATH of $139,925,354,961.01 was observed on 09 June 2021."
"#Ethereum $ETH Number of Receiving Addresses (7d MA) just reached a 5-month low of 11,736.083 Previous 5-month low of 11,745.619 was observed on 09 June 2021."
Ethereum Price Is Expected To Reach These Levels
If the Ethereum price breaks above the 20-day SMA, it will touch the $2,750 resistance barrier. A further break above this line will take ETH to the 50-day SMA ($3,000).